MFDA Hearing Panel issues Reasons for Decision in the matter of Clayton Swerdelian
TORONTO, June 29, 2015 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Calgary, Alberta on February 26, 2015 in the matter of Clayton Kurt Swerdelian (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement (the "Settlement Agreement") entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated June 26, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six (6) months commencing from the date of the Hearing Panel's final Order dated April 10, 2015;
- a fine in the amount of $10,000;
- costs in the amount of $5,000; and
- shall in future comply with MFDA Rules 1.2.1(c), 2.4.2, 2.1.4 and MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- from January 2008 to March 2009, he referred 13 clients and 12 individuals to Pacific Financial and Investec to obtain loans in the total amount of $942,000 and received referral fees in the amount of $9,420 for doing so, such that he:
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had and continued in another gainful occupation for which he did not obtain written approval from the Members with whom he was registered, contrary to MFDA Rules 1.2.1(d) and 2.1.1; and |
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entered into a referral arrangement as it related to the loans, contrary to MFDA Rules 2.4.2, 2.1.4 and Rule 2.1.1. |
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Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Calgary, Alberta.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 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]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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