MFDA Hearing Panel makes findings against James Vilfort

TORONTO, Dec. 3 /CNW/ - A disciplinary hearing in the matter of James Vilfort (the "Respondent") was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council.

The Hearing Panel found that the allegations set out by MFDA staff in the Notice of Hearing dated September 10, 2010 had been established. The Hearing Panel imposed the following penalties on the Respondent at the conclusion of the hearing and advised that it would issue written reasons for its decision in due course:

• A permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
• A fine of $25,000 with respect to Allegation #1 (misappropriation of funds);
• A fine of $10,000 with respect to Allegation #2 (failure to return Member client information and files in his possession); and
• Costs in the amount of $10,000.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 136 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.

For further information:

Shaun Devlin
Vice-President, Enforcement
416-943-4672 or [email protected]