TORONTO, June 27, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of David Tobac ("Respondent") by Notice of Hearing dated March 15, 2018.
A disciplinary hearing in this matter was held yesterday in Winnipeg, Manitoba before a three-member Hearing Panel of the MFDA's Prairie Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts dated April 24, 2018 in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which he could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1.
In particular, the Respondent admitted that on October 12, 2016, he possessed a redemption in a client account based on the instructions from someone other than the client, contrary to MFDA Rules 2.3.1 and 2.1.1.
Following submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a fine in the amount of $20,000; and
- costs in the amount of $2,500.
Copies of the Notice of Hearing and the Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent carried on business in the Winnipeg, Manitoba area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 82,000 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: Charles Toth, Director, Litigation, 416-943-4619, [email protected]