TORONTO, Feb. 21, 2012 /CNW/ - A Hearing Panel of the MFDA's Central Regional Council has issued its Decision and Reasons in connection with the disciplinary hearing held in Toronto, Ontario on February 6, 2012 in the matter of Muchoki Fungai Simba (the "Respondent").
In its Decision and Reasons, the Hearing Panel found that the three allegations made against the Respondent in the Notice of Hearing issued October 31, 2011 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 $250,000; and
- costs in the amount 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 125 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
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