TORONTO, Nov. 8, 2016 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision ("Reasons for Decision") in connection with a settlement hearing held in Halifax, Nova Scotia on October 20, 2016 in the matter of Melissa Marie Smith (the "Respondent"). In its Reasons for Decision dated November 8, 2016, the Hearing Panel confirmed the following sanctions imposed on the Respondent:
- a fine in the amount of $10,000, payable in two (2) installments as follows:
i) the first installment of $5,000 shall be paid on or before April 20, 2017;
ii) the second installment of $5,000 shall be paid on or before October 20, 2017;
- if the Respondent fails to make any of the payments described above when the payments become due, then without further notice to the Respondent, she shall summarily be suspended from conducting securities related business in any capacity while in the employ of, or associated with, any MFDA Member, until the full amount of the fine has been paid;
- costs in the amount of $2,500; and
- shall in 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 conducted business in the Dartmouth, Nova Scotia 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 83,000 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, Director, Litigation, 416-943-4619, [email protected]