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
a fine of $250,000; and
costs of $10,000.
The Hearing Panel advised that it will issue written reasons for its
decision in due course. 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 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