TORONTO, Feb. 8, 2019 /CNW/ - A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated February 8, 2019 ("Reasons for Decision") in connection with a disciplinary hearing held in Vancouver, British Columbia on August 8 and 9, 2018 in the matter of Harold Magnus Backer ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is permanently prohibited from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA Member;
- shall pay a fine in the amount of $2,745,261.34; ("Fine")
- the amount of the Fine payable shall be reduced by any amounts the Respondent shall have paid during the period commencing from August 9, 2018 to August 9, 2020 to his former clients BK, EK, TK, NP, FP, and DG, the individual SV, and the individuals named in the restitution order made against the Respondent in Victoria Court File No. 170775-1; and
- shall pay costs in the amount of $17,875.
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 Victoria, British Columbia.
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 81,000 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