TORONTO, Jan. 4, 2012 /CNW/ - A disciplinary hearing in the matter of Michael Labrick Harvey was held today in Vancouver, British Columbia before a three-person Hearing Panel of the MFDA's Pacific Regional Council. The Hearing Panel found that the allegation set out in the Notice of Hearing dated August 31, 2011 had been established:
Allegation #1: Commencing May 2010 the Respondent has failed or refused to attend an interview requested by the MFDA during the course of an investigation, contrary to s. 22.1 of MFDA By-law No. 1.
The Hearing Panel made the following orders at the conclusion of the hearing and advised that it would issue written reasons for its decision in due course:
- a permanent prohibition on the authority of the Respondent to conduct securities related business while in the employ of or associated with any Member of the MFDA;
- a fine in the amount of $75,000; and
- costs in the amount of $10,000.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 125 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
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