TORONTO, Nov. 7, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Raymond Louis Blais ("Respondent") by Notice of Hearing dated February 22, 2018.
The hearing of this matter on its merits took place on November 5, 2018 in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts dated October 29. 2018 ("Agreed Statement of Facts"), 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 between at least 2003 and November 3, 2015, he engaged in securities related business that was not carried on for the account or through the facilities of the Members he was registered with, by:
arranging for at least 120 investors, including 81 clients, to open online discount brokerage accounts outside the Members; and/or
proposing trades, processing trades or otherwise conducting acts in furtherance of trades with respect to securities for the accounts;
contrary to MFDA Rules 1.1.1 and 2.1.1, and the terms of his registration in the securities industry.
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 permanent prohibition from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA Member;
- a fine in the amount of $50,000; and
- costs in the amount of $4,500.
Copies of the Notice of Hearing and 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 conducted business in the Sudbury, 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, Managing Director, Litigation, 416-943-4619, email@example.com