TORONTO , Dec. 18, 2019 /CNW/ - A settlement hearing in the matter of Michel Claude Bédard ("Respondent") was held yesterday in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated December 17, 2019 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one year; and
- a fine in the amount of $10,000 ;
- costs in the amount of $2,500 ; and
- shall in future comply with MFDA Rules 1.1.1, 2.1.1, 1.1.2, and 2.5.1.
In the Settlement Agreement, the Respondent admitted that between January 2016 and March 2016, he engaged in securities related business that was not carried on for the account of the Member or through the facilities of the Member by recommending and selling a $100,000 investment in a syndicated mortgage to one client, contrary to the Member's policies and procedures and MFDA Rules 1.1.1, 2.1.1, 1.1.2, and 2.5.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Hamilton, Ontario 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 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
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