TORONTO, April 23, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Arsenio Sobrevilla (the "Respondent") by Notice of Hearing dated November 18, 2013.
The hearing of this matter on its merits took place today in Winnipeg, Manitoba before a three-person Hearing Panel of the MFDA's Prairie Regional Council. The parties filed an Agreed Statement of Facts prior to the hearing in which the Respondent admitted to facts which constitute misconduct on his part and for which he could be penalized by a Hearing Panel pursuant to MFDA By-laws.
Following submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons for its decision in due course:
- a three (3) year prohibition from conducting securities related business for or on behalf of an MFDA Member;
- a $20,000 fine; and
- $5,000 in costs.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 Members and their approximately 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, firstname.lastname@example.org; Mark Stott, Vice-President, Prairie Region, 403-215-8329, email@example.com