MFDA issues Notice of Settlement Hearing regarding Patrick Sullivan

    TORONTO, July 25 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has issued a Notice of Settlement Hearing
regarding the presentation, review and consideration of a proposed settlement
agreement by the Pacific Regional Council.
    The settlement agreement will be between staff of the MFDA and Patrick
Sullivan and involves matters for which Patrick Sullivan may be disciplined by
the Regional Council, pursuant to MFDA By-laws.
    The subject matter of the proposed settlement agreement concerns
allegations that the Respondent recommended or facilitated the sale of shares
in All Island Equity Mortgage Investment Corporation to clients of IQON
Financial Inc., a former Member of the MFDA, between May 29, 1998 and Spring
2006, contrary to a May 29, 1998 undertaking, and thereby engaged in
securities related business between May 10, 2002 and Spring 2006 that was not
properly conducted through the facilities of IQON Financial Inc., contrary to
MFDA Rule 1.1.1.
    The settlement hearing is scheduled to commence at 10:00 a.m. (Vancouver)
on Wednesday, August 6, 2008 in the Hearing Room located at the Fairmont Hotel
Vancouver, 900 West Georgia Street, Vancouver, British Columbia. The hearing
is open to the public except as may be required for the protection of
confidential matters. A copy of the Notice of Settlement Hearing is available
on the MFDA website at

    The Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations; standards of practice and business conduct of its 158 Members and
their approximately 75,000 Approved Persons with a mandate to protect
investors and the public interest.

For further information:

For further information: Shaun Devlin, Vice-President, Enforcement,
(416) 943-4672 or

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