TORONTO, Sept. 8, 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 (Penalty) in connection with a penalty hearing held in Toronto, Ontario on June 25, 2015 in the matter of Paolo Abate (the "Respondent").
In its Reasons for Decision (Penalty) dated September 4, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely:
- a suspension of six (6) months from conducting securities related business while in the employ of or associated with any MFDA Member;
- a fine in the amount of $15,000; and
- costs in the amount of $5,000.
A copy of the Reasons for Decision (Penalty) is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision (Penalty), the Respondent carried on business in the Greater Toronto, 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 103 Members and their over 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: Charles Toth, Director, Litigation, 416-943-4619, [email protected]