TORONTO, Oct. 22, 2013 /CNW/ - A Hearing Panel of the Central Regional Council of the MDFA has issued its Decision and Reasons in connection with the disciplinary hearing held in Toronto, Ontario on September 27, 2013 in the matter of Christiaan Albert Hesselink.
In its Decision and Reasons, the Hearing Panel found that Allegations 1, 2 and 3 made against the Respondent in the Amended Notice of Hearing had been established. As a consequence, the Hearing Panel has imposed the following penalties and costs on the Respondent:
- a 5-year prohibition from conducting securities related business in any capacity while in the employ of, or associated with, any MFDA Member;
- a fine of $400,000; and
- costs of $7,500.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement