MFDA Hearing Panel issues Reasons for Decision in the matter of Scott Nichols

TORONTO, May 19, 2022 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada (the "MFDA") has issued its Reasons for Decision dated May 12, 2022 ("Reasons for Decision"), in connection with a settlement hearing held electronically by videoconference in Halifax, Nova Scotia on September 30, 2021, in the matter of Scott Charles Nichols (the "Respondent").

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

• has been suspended from conducting securities related business in any capacity while in the employ of or in association with a Member of the MFDA for a period of four months, expiring on February 1, 2022;
• following the four month suspension, in the event that he seeks to become re-registered to conduct securities related business while in the employ of or associated with any MFDA Member, shall be subject to close supervision by the Member with which he becomes re-registered for a period of twelve months from the date that he becomes re-registered;
• has paid a fine of $30,000;
• has paid costs of $5,000; and
• shall in the future comply with MFDA Rules 2.2.1, 2.3.1, 2.1.1, 2.5.1 and 1.1.2.

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 Kentville, 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 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, Vice-President, Enforcement, 416-943-4619, [email protected]