TORONTO, July 20, 2022 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons dated July 19, 2022 ("Decision and Reasons") in connection with a disciplinary hearing held electronically by videoconference in Toronto, Ontario on June 3, 2022 in the matter of Christine Claudette Levesque (the "Respondent").
In its Decision and Reasons, the Hearing Panel found that the three allegations made against the Respondent in the Notice of Hearing dated March 25, 2021 (the "Notice of Hearing") had been established. In particular:
Allegation #1: Between approximately September 2014 and February 5, 2019, the Respondent misappropriated or otherwise failed to account for monies obtained from a client and at least 2 individuals, contrary to MFDA Rule 2.1.1.
Allegation #2: Between approximately September 2014 and December 2015, the Respondent submitted for processing unauthorized redemptions in the account of a client, contrary to MFDA Rule 2.1.1.
Allegation #3: Commencing April 5, 2019, the Respondent failed to cooperate with Staff's investigation of her conduct, contrary to section 22.1 of MFDA By-law No. 1.
In its Decision and Reasons, the Hearing Panel announced the following sanctions on the Respondent:
a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
a fine in the amount of $300,000; and
costs in the amount of $20,000.
Copies of the Notice of Hearing and the Decision and Reasons are available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons, the Respondent carried on business in the St. Andrew, 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 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
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