TORONTO, May 26, 2016 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons in connection with a disciplinary hearing held in Halifax, Nova Scotia on January 19, 2016, in the matter of Carla-Marie Aksomitis (the "Respondent").
In its Decision and Reasons dated May 24, 2016 ("Decision and Reasons"), the Hearing Panel found that the allegations made against the Respondent in the Notice of Hearing dated August 5, 2015 ("Notice of Hearing"), had been established. In particular, the Respondent:
Allegation #1: Between about February and May 2013, misappropriated approximately $19,360 from client MR and client RK, thereby failing to deal fairly, honestly and in good faith with clients, and observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
Allegation #2: Between about August 2012 and June 2013, misappropriated approximately $97,337 from 27 individuals who held bank accounts at the Royal Bank of Canada, thereby failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
In its Decision and Reasons, the Hearing Panel imposed the following sanctions on the Respondent:
- a permanent prohibition 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 $67,000; and
- costs in the amount of $7,500.
A copy of the Decision and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons, the Respondent conducted business in the Musquodoboit Harbour, Nova Scotia 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 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, [email protected]