TORONTO, April 30, 2013 /CNW/ - A disciplinary hearing in the matter of Omar Hayat (the "Respondent") was held yesterday in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council.
Following submissions from MFDA counsel, the Hearing Panel found that the allegations set out in the Notice of Hearing dated December 13, 2012 had been established and imposed the following sanctions and costs on the Respondent at the conclusion of the hearing:
- a 12-month suspension on the authority of the Respondent to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $7,500; and
- costs of $5,000.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 116 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Director of Litigation