TORONTO, May 7, 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 May 6, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Toronto, Ontario on March 26, 2019 in the matter of Patrick Hugh Lumbers ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- shall pay a fine of $20,000 ("Fine");
- shall pay costs of $2,500 ("Costs");
- the Fine and Costs shall be paid in monthly installments as follows:
- $7,500 on March 26, 2019;
- $2,500 on or before April 26, 2019;
- $2,500 on or before May 26, 2019;
- $2,500 on or before June 26, 2019;
- $2,500 on or before July 26, 2019;
- $2,500 on or before August 26, 2019; and
- $2,500 on or before September 26, 2019.
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@example.com