TORONTO, May 3 /CNW/ - A disciplinary hearing in the matter of Luc Marc Andre Laverdiere (the "Respondent") was held today in Vancouver, British Columbia before a Hearing Panel of the MFDA's Pacific Regional Council.
An Agreed Statement of Facts was filed prior to the hearing in which the Respondent admitted to a number of facts and allegations, as a consequence of which MFDA Staff withdrew Allegation No.2 in the Notice of Hearing issued December 9, 2009. The Hearing Panel found that Allegations No.1 and No.3 in the Notice of Hearing, set out below, had been established:
Allegation No.1: The Respondent engaged in securities related business
that was not carried on for the account of the Member and through the
facilities of the Member, contrary to MFDA Rule 1.1.1 (a); and
Allegation No.3: The Respondent breached the Member's policies and
procedures in respect of the sale of non-mutual fund securities and off-
book transactions, contrary to MFDA Rules 1.1.2, 2.1.1, and 2.5.1.
The Hearing Panel imposed the following penalties on the Respondent at the conclusion of the hearing and advised that it would issue written reasons for its decision in due course:
- A permanent prohibition from conducting securities related business
in any capacity while in the employ of or associated with any MFDA
- A fine in the amount of $20,000; and
- Costs in the amount of $2,500.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 141 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
For further information: For further information: Marco Wynnyckyj, Hearings Coordinator, (416) 945-5146 or firstname.lastname@example.org