TORONTO, Jan. 21, 2020 /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 January 20, 2020 ("Reasons for Decision") in connection with a settlement hearing held in Vancouver, British Columbia on December 12, 2019 in the matter of Hugo Donais ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of three months;
- shall pay a fine of $2,500 ("Fine");
- shall pay costs of $2,500 ("Costs");
- payment of the Fine and Costs shall be made as follows:
- $1,500 (Costs) upon acceptance of the Settlement Agreement;
- $583.35 (Costs) on or before January 31, 2020
- $583.33 (Costs and Fine) on or before February 28, 2020;
- $583.33 (Fine) on or before March 31, 2020;
- $583.33 (Fine) on or before April 30, 2020;
- $583.33 (Fine) on or before May 29, 2020;
- $583.33 (Fine) on or before June 30, 2020; and
- shall in the future comply with MFDA Rule 2.1.1.
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 carried on business in the Victoria, British Columbia 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 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