MFDA Hearing Panel accepts settlement agreement with Douglas Tuitakalai
TORONTO, Feb. 8, 2021 /CNW/ - A settlement hearing in the matter of Douglas Elia Tuitakalai ("Respondent") was held by electronic hearing today before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement dated January 8, 2021 ("Settlement Agreement"), between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $40,000; and
- costs in the amount of $5,000.
In the Settlement Agreement, the Respondent admitted that:
a) |
commencing in or about May 2017, he engaged in personal financial dealings with a client, contrary to the Member's policies and procedures and MFDA Rules 2.1.4, 2.1.1, 2.5.1, and 1.1.2; |
b) |
commencing on or about October 17, 2017, he had and continued in an outside activity, contrary to the Member's policies and procedures and MFDA Rules 1.3.2, 2.1.1, 1.1.2, and 2.5.1; and |
c) |
commencing on or about September 23, 2019, he failed to cooperate with MFDA Staff's investigation into his conduct by withholding certain documentation and information. |
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business out of the Brampton, 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 81,000 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
Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]
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