TORONTO, April 27, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Nathan Eric Breukelman ("Respondent") by Notice of Hearing dated October 3, 2017.
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 two allegations set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct against the Respondent:
Allegation #1: between November 26, 2014 and April 21, 2015, he misappropriated a total of $28,889.45 from client SM, thereby failing to deal fairly, honestly and in good faith with the client, failing to observe high standards of ethics and conduct in the transaction of business, and/or engaging in business conduct or practice unbecoming or detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing August 8, 2016, he failed to cooperate with an investigation by MFDA Staff into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
The Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a permanent prohibition on the authority of the Respondent to conduct securities related business over which the MFDA has jurisdiction;
- a fine in the amount of $125,000; and
- costs in the amount of $7,500.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Thunder Bay, Ontario 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, firstname.lastname@example.org