MFDA Hearing Panel imposes sanctions against Clinton Wayne
TORONTO, Oct. 30, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Clinton Wayne ("Respondent") by Notice of Hearing dated May 20, 2015.
In its Reasons for Decision (Misconduct) dated June 13, 2018, the Hearing Panel outlined its reasons for the findings of misconduct made against the Respondent.
A penalty hearing in this proceeding took place today in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. After hearing submissions from the parties as to penalty, the Hearing Panel imposed the following sanctions on 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 $7,500; and
- costs in the amount of $5,000.
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 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 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, Managing Director, Litigation, 416-943-4619, [email protected]
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