TORONTO, Sept. 1, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Jack Oosterveld (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated May 28, 2015.
A disciplinary hearing in this matter was held on August 30, 2016 in Edmonton, Alberta before a three-member Hearing Panel of the MFDA's Prairie Regional Council. After hearing submissions and receiving evidence from Staff of the MFDA, the Hearing Panel found that the following allegation concerning the Respondent had been established:
Allegation #1: Between March 2009 and May 2010, the Respondent referred 56 clients and three other individuals to a company selling an exempt market product, and received at least $33,158.67 in referral fees for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with sections 13.7 to 13.10 of National Instrument 31-103.
The Hearing Panel imposed the following sanctions on the Respondent and advised that it will 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 $10,000.
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 83,000 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