TORONTO, June 13, 2012 /CNW/ - A disciplinary hearing in the matter of Vaughan Spencer was held today in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel found that the allegation set out in the Notice of Hearing dated February 9, 2012 had been established.
|Allegation #1: Commencing March 1, 2011, the Respondent has failed or refused to attend for an interview requested by MFDA Staff during the course of an investigation, contrary to s. 22.1 of MFDA By-law No. 1.|
The Hearing Panel made the following orders at the conclusion of the hearing and advised that it would issue written reasons for its decision in due course:
- a permanent prohibition on the authority of the Respondent to conduct securities related business while in the employ of or associated with any Member of the MFDA;
- a fine in the amount of $50,000; 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 121 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
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