TORONTO, April 11, 2019 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated April 10, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Toronto, Ontario on January 22, 2019 in the matter of Jeffrey Michael Beck ("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 a MFDA Member prior to September 1, 2019;
- shall pay a fine of $30,000, payable in instalments as follows:
- $10,000 on January 22, 2019;
- $5,000 on the first day of each month from February 1, 2019 to May 1, 2019;
- has paid costs of $5,000; and
- shall in the future to comply with MFDA Rules 2.1.1, 2.1.4 and 2.2.1.
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 conducted business in the Toronto, Ontario 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
For further information: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]