TORONTO, March 29 /CNW/ - A disciplinary hearing in the matter of Paul Anthony Henry (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Respondent admitted that between June 2006 and July 2007, he accepted monies which he failed to invest, return or otherwise account for, thereby misappropriating those monies and failing to deal fairly, honestly and in good faith. He also admitted that he engaged in business conduct that was untrue, misleading and detrimental and that he failed to properly report a client complaint.
The Hearing Panel determined that the following penalties were appropriate in the circumstances:
- The Respondent shall be suspended from acting as a mutual fund
salesperson for a period of 2 years effective March 29, 2010;
- The Respondent shall successfully complete the IFSE (IFIC) Mutual
Fund Dealer Compliance course;
- The Respondent shall pay a fine in the amount of $10,000; and
- The Respondent shall pay 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 75,000 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