TORONTO, June 24, 2013 /CNW/ - A disciplinary hearing in the matter of Richard Bangyay (the "Respondent") was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council.
Following submissions from MFDA counsel, the Hearing Panel found that allegations 1, 2(a), 3 and 4 set out in the Notice of Hearing dated October 11, 2012 had been established and imposed the following sanctions and costs on the Respondent at the conclusion of the hearing:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of, or associated with, any MFDA Member;
- a fine of $250,000; and
- costs 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 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