MFDA Hearing Panel issues Decision and Reasons (Penalty) in the matter of Ayokunnu Are

TORONTO, Oct. 16, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Ayokunnu Are (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated October 2, 2012.

A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons (Penalty) following a penalty hearing held on July 8, 2015 in respect of Ayokunnu Are (the "Respondent"). In its Decision and Reasons (Penalty) dated October 16, 2015, the Hearing Panel imposed the following sanctions:

• a permanent prohibition on the authority of the Respondent to conduct securities related business in any capacity over which the MFDA has jurisdiction;
• a fine in the amount of $725,000 ($700,000 for the misconduct and $25,000 for the failure to cooperate); and
• costs in the amount of $20,000.

A copy of the Decision and Reasons (Penalty) is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Penalty), the Respondent carried on business in North York, Ontario.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 102 Members and their over 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, Director, Litigation, 416-943-4619, [email protected]