MFDA Hearing Panel issues Reasons for Decision in the matter of Robert Kujala
TORONTO, June 24, 2015 /CNW/ - A Hearing Panel of the Pacific 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 Vancouver, British Columbia on May 7, 2015 in the matter of Robert Kelly Kujala (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 23, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely:
| i) |
shall pay a fine in the amount of $5,000, payable in five (5) monthly installments of $1,000 commencing one (1) month after the Settlement Agreement is accepted by the Hearing Panel; |
| ii) |
shall pay costs in the amount of $2,500, payable within 30 days of the date the Settlement Agreement is accepted by the Hearing Panel; |
| iii) |
shall be prohibited from acting as a branch manager or in any supervisory capacity for a Member of the MFDA for a period of three (3) months commencing upon the date the Settlement Agreement is accepted by the Hearing Panel; |
| iv) |
if he fails to comply with the provisions of subparagraphs i) and/or ii), the authority of the Respondent to conduct securities related business while in the employ of or associated with a Member of the MFDA shall be immediately suspended without further notice or order of the Hearing Panel until such time as the Respondent demonstrates to the satisfaction of MFDA Staff that he has complied with the provisions of subparagraph i); |
| v) |
shall in the future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder, including MFDA Rules 2.1.1. |
In the Settlement Agreement, the Respondent admitted that from March 10, 2009 to May 2, 2013, he obtained, and used 27 partially completed, pre-signed Letters of Direction redemption requests to process transactions for eight (8) clients, contrary to MFDA Rule 2.1.1.
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 Coquitlam, British Columbia.
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 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]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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