TORONTO, Aug. 29, 2019 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated August 29, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Winnipeg, Manitoba on July 9, 2019 in the matter of Jake Florentino Cadigal ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine of $15,000;
- has paid costs of $2,500; and
- shall in the future exercise due diligence to comply with MFDA Rules 2.1.4, 2.1.1 and the policies and procedures of any Member he is associated with.
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