MFDA Hearing Panel announces sanctions against Wayne Charlton and issues Decision and Reasons

TORONTO, Dec. 13, 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 December 10, 2021 ("Decision and Reasons"), in connection with a disciplinary hearing held by electronic hearing in Toronto, Ontario, on November 17, 2021, in the matter of Wayne Brian Charlton ("Respondent").

As previously announced, the Hearing Panel made the following findings of misconduct against the Respondent:

a)	between October 3, 2017 and November 26, 2018, the Respondent engaged in discretionary trading when he processed 7 redemptions for 3 clients without obtaining instructions from the clients with respect to the mutual funds to be redeemed in the clients' accounts, contrary to MFDA Rules 2.3.1(b) and 2.1.1; and
b)	between October 3, 2017 and November 26, 2018, the Respondent failed to record and maintain evidence of client trade instructions with respect to 4 redemptions in 4 client accounts, contrary to the Member's policies and procedures and MFDA Rules 1.1.2, 2.5.1 and 5.1(b).

At the hearing on November 17, 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 fine in the amount of $10,000; and
• costs in the amount of $2,500.

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 conducted business in the Oakville, 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]