TORONTO, Oct. 9, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Craig Richard MacDonald (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated March 13, 2015.
The hearing of this matter on its merits was held on October 7, 2015 in Winnipeg, Manitoba before a three-member Hearing Panel of the MFDA's Prairie Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts (the "Agreed Statement of Facts") in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which he could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1.
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 suspension from conducting securities related business in any capacity while in the employ of, or in association with any MFDA Member for a period of one (1) year;
- a fine in the amount of $10,000;
- costs in the amount of $2,500; and
- in the event the Respondent seeks to become an Approved Person of an MFDA Member, the Respondent shall successfully complete an ethics course prior to becoming an Approved Person.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business from a branch in Minnedosa, Manitoba.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 102 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