TORONTO, Aug. 27, 2014 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons in connection with a disciplinary hearing held in Toronto, Ontario on August 13, 2014, in the matter of Jacques James Scribnock (the "Respondent").
In its Decision and Reasons, the Hearing Panel found that the two (2) allegations made against the Respondent in the Notice of Hearing issued February 21, 2014, had been established. As a consequence, the Hearing Panel has imposed the following sanctions on the Respondent:
- a permanent prohibition from conducting securities-related business in any capacity while in the employ of or associated with any Member of the MFDA;
- a fine in the amount of $1,500,000; and
- costs in the amount of $7,500.
A copy of the Decision and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, 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 110 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, [email protected]