TORONTO, March 19, 2013 /CNW/ - A disciplinary hearing in the matter of Stephen Mark Pigeau (the "Respondent") was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel found that the allegations set out in the Notice of Hearing dated September 6, 2012 had been established and imposed the following sanctions and costs 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 $65,000; and
- costs of $7,500.
The Notice of Hearing contained the following allegations:
|Allegation #1: In October 2007, the Respondent borrowed approximately $15,000 from client RR, which amount he did not repay or arrange to be repaid in full until July 2011, thereby giving rise to a conflict or potential conflict of interest between the interests of the Respondent and the interests of client RR which the Respondent failed to ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1.|
|Allegation #2: Commencing in March 2011, the Respondent has failed or refused to provide documents, information, and a written statement to the MFDA and to attend an interview requested by the MFDA during the course of an investigation, contrary to s. 22.1 of MFDA By-law No. 1.|
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 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
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