TORONTO, June 11, 2018 /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 June 8, 2018 in connection with a disciplinary hearing held in Toronto, Ontario on April 26, 2018 in the matter of Nathan Eric Breukelman ("Respondent").
In its Reasons for Decision, the Hearing Panel outlined is reasons for its findings of misconduct against the Respondent. In particular, the following findings were made:
Allegation #1: Between November 26, 2014 and April 21, 2015, he misappropriated a total of $28,889.45 from client SM, thereby failing to deal fairly, honestly and in good faith with the client, failing to observe high standards of ethics and conduct in the transaction of business, and/or engaging in business conduct or practice unbecoming or detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing August 8, 2016, he failed to cooperate with an investigation by MFDA Staff into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
In its Reasons for Decision, the Hearing Panel imposed the following sanctions on the Respondent:
- a permanent prohibition on the authority of the Respondent to conduct securities related business over which the MFDA has jurisdiction;
- ordered to pay a fine in the amount of $125,000; and
- ordered to pay costs in the amount of $7,500.
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 Thunder Bay, 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 82,000 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]