TORONTO, Feb. 11, 2019 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated February 11, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Moncton, New Brunswick on October 24, 2018 in the matter of Serge Luc Robichaud ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of eight weeks;
- has paid a fine of $20,000;
- has paid costs of $5,000;
- shall in the future comply with MFDA Rules 1.1.2, 2.4.2, 2.5.1, and Rule 2.1.1, and sections 13.7 and 13.8 of National Instrument 31-103.
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 Dieppe, New Brunswick 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]