MFDA Hearing Panel announces sanctions against Ronald Schwartz
TORONTO, July 3, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Ronald Morrell Schwartz ("Respondent") by Notice of Hearing dated June 6, 2017.
In its Reasons for Decision (Misconduct) dated June 8, 2018, the Hearing Panel outlined its reasons for the findings of misconduct made against the Respondent.
Submissions by Staff of the MFDA with respect to penalty took place today before a three-member Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel imposed the following sanctions against the Respondent and advised that it will issue written reasons in due course:
| • |
a permanent prohibition from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA Member; |
|
| • |
a fine in the amount of $225,000, apportioned as follows: |
|
| i) |
$125,000 - Unauthorized redemptions and misappropriation |
|
| ii) |
$25,000 - Creating and distributing fictitious statements and misleading clients and Member |
|
| iii) |
$75,000 - Failure to cooperate; and |
|
| • |
costs in the amount of $10,000. |
|
Copies of the Notice of Hearing and the Reasons for Decision (Misconduct) are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision (Misconduct), the Respondent conducted business in the Kitchener-Waterloo, 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 82,000 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, Director, Litigation, 416-943-4619, [email protected]
Share this article