TORONTO, Sept. 20, 2012 /CNW/ - A disciplinary hearing in the matter of Stephen Popen was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel found that the allegations against Mr. Popen made by MFDA staff in the Notice of Hearing dated April 27, 2012 had been established. At the conclusion of the hearing, the Hearing Panel imposed the following penalties and costs on Mr. Popen and advised that it will issue written reasons for its decision in due course:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a $25,000 fine with respect to Allegation #1;
- a $185,000 fine with respect to Allegation #2;
- a $50,000 fine with respect to Allegation #3; and
- costs in the amount of $7,500.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 120 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
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