TORONTO, July 23, 2018 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated July 23, 2018 in connection with a disciplinary hearing held in Charlottetown, Prince Edward Island on April 19, 2018 in the matter of Frank Harrison Dew ("Respondent").
In its Reasons for Decision, the Hearing Panel outlines its reasons for its findings of misconduct against the Respondent. In particular:
Allegation #1: Between January 16, 2012 and June 24, 2015, the Respondent misappropriated $37,000 received from two clients, thereby failing to deal fairly, honestly and in good faith with clients and engaging in conduct unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing on September 24, 2015, the Respondent failed to co-operate with an investigation into his activities conducted by Staff of the MFDA, contrary to section 22.1 of MFDA By-law No. 1 and MFDA Rule 2.1.1.
In its Reasons for Decision, the Hearing Panel confirmed the imposition of the following sanctions on the Respondent:
- a permanent prohibition on the authority of the Respondent to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member;
- ordered to pay a fine in the amount of $124,000; and
- ordered to pay costs in the amount of $5,000.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Charlottetown, Prince Edward Island area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 82,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
For further information: Please contact Charles Toth, Director, Litigation, 416-943-4619, [email protected]