MFDA Hearing Panel imposes sanctions against Duke Ongechi
TORONTO, June 10, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Duke Mongare Ongechi ("Respondent") by Notice of Hearing dated October 16, 2018.
A penalty hearing in this proceeding was held today by electronic hearing in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. After hearing submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a prohibition from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA Member for a period of two years;
- a fine in the amount of $20,000; and
- costs in the amount of $9,100.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Pickering, 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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