MFDA Hearing Panel issues Decision and Reasons (Penalty) in the matter of Bemelekot Tewahade

TORONTO, June 17, 2016 /CNW/ - 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 in Toronto, Ontario on May 27, 2016 in respect of Bemelekot W. Tewahade (the "Respondent"). In its Decision and Reasons (Penalty) dated June 16, 2016, the Hearing Panel announced the following sanctions against the Respondent:

• a suspension of one (1) year from January 13, 2016, the date of the Decision and Reasons (Misconduct), on the authority of the Respondent to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member.
• the Respondent must write or rewrite and pass the Conduct and Practices Handbook course offered by the Canadian Securities Institute prior to being re-registered in the mutual fund industry;
• a fine in the amount of $20,000; and
• costs in the amount of $7,500.

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 the Greater 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 83,000 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]