TORONTO, Sept. 9, 2016 /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 June 23, 2016 in the matter of Zohar (Michael) Barak (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 September 9, 2016 (the "Reasons for Decision"), the Hearing Panel confirmed the following sanctions levied against the Respondent:
- a fine in the amount of $9,000 (the "Fine");
- The Fine shall be payable in 12 monthly installments in the amount of $750 each, the first of which shall be paid on the final business day of the month that follows the date of the acceptance of the settlement agreement by the Hearing Panel;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement the Respondent admitted that between July 6, 2004 and May 7, 2014, he, or his assistant for whom he was responsible, obtained, possessed, and in two (2) instances, used to process transactions, 54 pre-signed account forms in respect of at least 28 clients.
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 the Ottawa, 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 83,000 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, 416-943-4618, [email protected]