TORONTO , Jan. 21, 2020 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated January 20, 2020 ("Reasons for Decision") in connection with a disciplinary hearing held in Toronto, Ontario on November 5, 2019 in the matter of Frank Louis Surette ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is permanently prohibited from conducting securities related business in any capacity while in the employ of, or associated with, any MFDA Member;
- shall pay a fine of $50,000 ; and
- shall pay costs of $11,187.50 .
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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