TORONTO, Feb. 2, 2015 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on January 16, 2015 in the matter of Patrick Cronin (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement (the "Settlement Agreement") entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated January 19, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent:
- a ten (10) year prohibition from conducting securities related business while in the employ of or associated with any MFDA Member;
- a fine in the amount of $10,000;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rules 1.2.1(c) and 2.1.1.
In the Settlement Agreement, the Respondent admitted that between January 11, 2002 and November 8, 2011, he had and continued in another gainful occupation that was not disclosed to and approved by the two Members with which he was registered in succession by arranging private loans and mortgages for third party borrowers and lenders, some of whom were clients, contrary to MFDA Rules 1.2.1(c) and 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in and around Dublin, Ontario, located near Stratford, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 107 Members and their approximately 80,000 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]