MFDA Hearing Panel imposes sanctions in the matter of Paul Dwyer

TORONTO, April 12, 2022 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Paul Anthony Dwyer (the "Respondent") by Notice of Hearing dated August 20, 2020 ("Notice of Hearing").

As previously announced, the sanctions phase in this proceeding resumed electronically by videoconference on March 23, 2022, in Calgary, Alberta before a three-member Hearing Panel of the MFDA's Prairie 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 suspension from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of three months, commencing April 4, 2022;
• should the Respondent seek to become re-registered as a mutual fund dealing representative, and once the 3 month suspension elapses, he shall be subject to strict supervision by the Member with which he becomes re-registered until December 31, 2022;
• a fine in the amount of $12,500 ("Fine");
• costs in the amount of $20,000 ("Costs");
• payment of the Fine and Costs shall be made as follows:
• $2,708.33 (Fine) on or before August 1, 2022;
• $2,708.33 (Fine) on or before September 1, 2022;
• $2,708.33 (Fine) on or before October 1, 2022;
• $2,708.33 (Fine) on or before November 1, 2022;
• $1,666.68 (Fine) and $1,041.65 (Costs) on or before December 1, 2022;
• $2,708.33 (Costs) on or before January 1, 2023;
• $2,708.33 (Costs) on or before February 1, 2023;
• $2,708.33 (Costs) on or before March 1, 2023;
• $2,708.33 (Costs) on or before April 1, 2023;
• $2,708.33 (Costs) on or before May 1, 2023;
• $2,708.33 (Costs) on or before June 1, 2023;
• $2,708.37 (Costs) on or before July 1, 2023; and
• failure to make any of the installment payments described above shall result in the outstanding balance of the Fine and Costs becoming immediately due and payable to the MFDA.

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 carried on business in the Calgary, Alberta 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]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]