MFDA Hearing Panel announces sanctions against Kimberley Krahl and issues Decision and Reasons
TORONTO, Nov. 3, 2021 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision (Penalty) and Reasons dated November 3, 2021 ("Decision and Reasons"), in connection with a disciplinary hearing held by electronic hearing in Toronto, Ontario, on September 22, 2021, in the matter of Kimberley Mary Krahl ("Respondent").
As previously announced, the Hearing Panel made the following findings of misconduct against the Respondent:
a) |
between July 2014 and 2016, the Respondent failed to disclose or obtain approval with respect to all material aspects of an outside activity, contrary to the Member's policies and procedures and MFDA Rules 1.2.1(c) (now Rule 1.3.2), 2.1.1, 2.5.1 and 1.1.2; and |
b) |
between 2014 and 2016, the Respondent engaged in personal financial dealings with a client which gave rise to a conflict or potential conflict of interest which she failed to disclose to the Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the 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. |
At the hearing on September 22, 2021, the parties made submissions with respect to penalty and the Hearing Panel reserved its decision. In its Decision and Reasons, the Hearing Panel has imposed the following sanctions on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six months;
- a fine in the amount of $10,000; and
- costs in the amount of $5,000.
A copy of the Decision (Penalty) and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision (Penalty) and Reasons, the Respondent carried on business in the Toronto, 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 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
Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]
Share this article