MFDA Hearing Panel makes findings against Michele and Jeffrey Longchamps

TORONTO , Jan. 28 /CNW/ - A disciplinary hearing in the matter of Michele Longchamps and Jeffery Longchamps (the "Respondents") concluded today before a Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") in Toronto , Ontario.

The Hearing Panel found that the allegations against the Respondents had been established and imposed the following penalties and costs:

    
    -   A permanent prohibition on the authority of the Respondents to
        conduct securities related business in any capacity while in the
        employ of or associated with any MFDA Member;
    -   A fine in the amount of $1,597,843.66 imposed upon Michele Longchamps
        in respect of Allegation 1 and 2;
    -   A fine in the amount $848,921.83 imposed upon Jeffrey Longchamps in
        respect on Allegation 3;
    -   Costs in the amount of $10,000 imposed upon Michele Longchamps; and
    -   Costs in the amount of $10,000 imposed upon Jeffrey Longchamps.
    

The Hearing Panel advised that it will issue written reasons for its decision in due course.

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 141 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, [phone] or [email protected]