TORONTO, Feb. 26, 2020 /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 February 25, 2020 ("Reasons for Decision") in connection with a settlement hearing held in Toronto, Ontario on December 6, 2019, in the matter of Shawn Thomas Culliton ("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 $16,500 as follows:
a) $4,125 upon acceptance of the Settlement Agreement;
b) $4,125 on or before January 31, 2020;
c) $4,125 on or before February 28, 2020;
d) $4,125 on or before March 31, 2020;
- has paid costs of $2,500; and
- shall in the 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 Waterloo, 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 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]