MFDA announces settlement hearing to take place in respect of Patrick Cronin
TORONTO, Jan. 14, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Patrick Cronin (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated May 22, 2014.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing in this matter will take place on January 16, 2015, commencing at 10:30 a.m. (Eastern), or as soon thereafter as the hearing can be held, in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the Settlement Agreement concerns an allegation that, between January 2002 and November 2011, the Respondent had and continued in another gainful occupation that was not disclosed to and approved by the two Members with which he was registered in succession by arranging private loans and mortgages for third party borrowers and lenders, some of whom were clients, contrary to MFDA Rules 1.2.1(c) (formerly MFDA Rule 1.2.1(d)) and 2.1.1.
The hearing will be open to the public, unless and to the extent that the Hearing Panel determines that all or part of the hearing should proceed in the absence of the public. If the Hearing Panel accepts the settlement agreement, then a copy of the decision of the Hearing Panel and the settlement agreement will be made available to the public.
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 and around Dublin, Ontario, located near Stratford, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 107 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
Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]
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