MFDA Hearing Panel issues Reasons for Decision in the matter of Michael Bast
TORONTO, Oct. 23, 2019 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated October 22, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Toronto, Ontario on September 27, 2019 in the matter of Michael Jonathan Bast ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from acting as a branch manager or in any supervisory capacity for a Member of the MFDA for a period of three months;
- shall successfully complete the branch manager's course offered by either the Canadian Securities Institute or the Investment Funds Institute of Canada prior to acting as a branch manager in the future;
- shall pay a fine of $12,500, in installments as follows:
- $1,000 upon acceptance of the Settlement Agreement;
- $3,834 on or before December 31, 2019;
- $3,834 on or before March 31, 2020;
- $3,832 on or before June 30, 2020;
- has paid costs of $2,500; and
- shall in future comply with MFDA Rules 2.1.1 and 2.5.5(f).
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 Waterloo, Ontario.
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 81,000 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, Managing Director, Litigation, 416-943-4619, [email protected]
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