MFDA Hearing Panel imposes sanctions against John Elwood
TORONTO, Aug. 19, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of John David Elwood ("Respondent") by Notice of Hearing dated June 7, 2019.
In its Reasons for Decision (Misconduct) dated February 20, 2020, the Hearing Panel outlined its reasons for its findings of misconduct made against the Respondent.
A penalty hearing in this proceeding was held on August 19, 2020 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 permanent prohibition on the Respondent's authority to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $25,000; and
- costs in the amount of $12,500.
A copy of the Reasons for Decision (Misconduct) is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision (Misconduct), the Respondent conducted business from a branch office located in the Toronto 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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