TORONTO, Nov. 11, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of James Howard Munro Stuart (the "Respondent") by Notice of Hearing dated July 20, 2015 (the "Notice of Hearing").
A disciplinary hearing in this matter was held yesterday in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. After hearing submissions from Staff of the MFDA, the Hearing Panel found that the following allegation concerning the Respondent had been established:
Allegation #1: Commencing in March 2014, the Respondent failed to cooperate with an investigation conducted by Staff of the MFDA by failing to attend an interview requested by Staff for the purpose of providing a statement and information regarding the matters under investigation, contrary to section 22.1 of MFDA By-law No. 1 and MFDA Rule 2.1.1.
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 Respondent's authority to conduct securities related business in any capacity while in the employ of, or associated with, any MFDA Member;
- a fine in the amount of $75,000; 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 102 Members and their approximately 80,000 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]