MFDA Hearing Panel issues Reasons for Decision in the matter of Jason Savoy

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Mutual Fund Dealers Association of Canada

Nov 20, 2017, 17:16 ET

TORONTO, Nov. 20, 2017 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision ("Reasons for Decision") in connection with a settlement hearing held in Halifax, Nova Scotia on November 2, 2017 in the matter of Jason Andrew Savoy ("Respondent").

In its Reasons for Decision dated November 20, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

•

shall pay a fine of $25,000 ("Fine");

•

has paid costs of $2,500 ("Costs");

•

payment of the Fine and Costs shall be made to and received by MFDA Staff in certified funds as follows:


i.

$2,500 (Costs) shall be paid upon acceptance of the Settlement Agreement;

ii.

$2,500 (Fine) on or before December 29, 2017;


iii.

$2,500 (Fine) on or before January 31, 2018;


iv.

$2,500 (Fine) on or before February 28, 2018;


v.

$2,500 (Fine) on or before March 29, 2018;


vi.

$2,500 (Fine) on or before April 30, 2018;


vii.

$2,500 (Fine) on or before May 31, 2018;


viii.

$2,500 (Fine) on or before June 28, 2018;


ix.

$2,500 (Fine) on or before July 31, 2018;


x.

$2,500 (Fine) on or before August 31, 2018; and


xi.

$2,500 (Fine) on or before September 28, 2018;

•

if the Respondent fails to make any of the payments described above:



a)

any outstanding balance of the Fine owed shall immediately become due and payable to the MFDA;



b)

he shall continue to be prohibited from conducting securities related business while in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine owed is paid to the MFDA;

•

has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of 6 (six) months;

•

has been prohibited from acting as a branch manager or in a supervisory capacity while in the employ of or associated with any MFDA Member for a period of 5 (five) years;

•

shall successfully complete an ethics or other industry course acceptable to the MFDA within one (1) year of the Hearing Panel's Order; and

•

in future shall comply with MFDA Rules 1.1.2, 2.5.1, 1.2.1(c) (now MFDA Rule 1.3), 2.1.1, 2.1.4, MFDA Policy No. 3; and subsections 9.1(1) and (2) and 10.2(1) and (2) of the National Instrument 81-102.

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 conducted business in the Halifax, Nova Scotia 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]

Related Links

http://www.mfda.ca

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Mutual Fund Dealers Association of Canada

The Mutual Fund Dealers Association of Canada (MFDA) is the national self-regulatory organization (SRO) for the distribution side of the Canadian mutual fund industry. It was established in June 1998 at the initiative of the Canadian Securities Administrators. The MFDA...