TORONTO, July 23, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Robert Andrew Shaw (the "Respondent") by Notice of Hearing dated January 29, 2014 (the "Notice of Hearing").
The hearing of this matter on its merits was held today in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council.
After hearing submissions from the parties, the Hearing Panel found that the three (3) allegations concerning the Respondent set out in the Notice of Hearing had been established. The Hearing Panel reserved on the issue of the quantum of fine to be imposed, however it did sanction the Respondent as follows:
- a permanent prohibition on the authority of the Respondent to conduct securities related business in any capacity; and
- $7,500 in costs.
The Hearing Panel advised that it will issue its decision and written reasons in due course.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 110 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE: Mutual Fund Dealers Association of Canada
For further information: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]