MFDA Hearing Panel issues Reasons for Decision in the matter of David Emery
TORONTO, March 20, 2015 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a disciplinary hearing held in Toronto, Ontario on February 26, 2015 in the matter of David Bruce Emery (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's findings made on February 26, 2015. In its Reasons for Decision dated March 19, 2015, the Hearing Panel announced the following sanctions:
The Respondent shall, within thirty (30) days of the judgment:
| a) |
pay a fine in the amount of $7,500.00; |
| b) |
pay costs in the amount of $2,500.00; and |
| c) |
for a period of three (3) months be suspended from conducting securities related business while in the employ of or associated with any MFDA Member. |
Should the Respondent fail to pay the fine and costs to the MFDA within thirty (30) days of the judgment, then the penalties shall automatically be increased as follows:
| a) |
a fine in the amount of $25,000.00; |
| b) |
costs in the amount of $10,000.00; and |
| c) |
for a period of six (6) months be suspended from conducting securities related business while in the employ of or associated with any MFDA Member. |
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Arthur, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 105 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
Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]
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