MFDA Hearing Panel issues Reasons for Decision in the matter of Steven Rethy

TORONTO, Dec. 9, 2020 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated December 7, 2020 ("Reasons for Decision") in connection with a settlement hearing held by electronic hearing in Halifax, Nova Scotia on October 15, 2020, in the matter of Steven Jules Rethy ("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 associated with any MFDA Member for a period of five months;
• shall pay a fine of $10,000 ("Fine");
• shall pay costs of $5,000 ("Costs");
• payment of the Fine and Costs shall be made as follows:
• $5,000 (Fine) upon acceptance of the Settlement Agreement;
• $5,000 (Costs) upon acceptance of the Settlement Agreement; and
• $5,000 (Fine) by April 15, 2021;
• has been permanently prohibited from engaging in any new leveraging activities with clients, including recommending or applying for additional investment loans for clients, which prohibition does not otherwise limit the servicing of clients with existing leverage; and
• shall in the future comply with MFDA Rule 2.1.1.

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 Dartmouth, Nova Scotia.

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

Related Links

www.mfda.ca