TORONTO , Sept. 19, 2019 /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 September 19, 2019 ("Reasons for Decision") in connection with a disciplinary hearing held in Toronto, Ontario on July 15, 2019 (Misconduct) and July 29, 2019 (Penalty) in the matter of Roman Vendrov ("Respondent").
In its Reasons for Decision, the Hearing Panel outlined its findings of misconduct made against the Respondent:
Allegation #1: In March 2016 , the Respondent submitted a line of credit application on his own behalf which contained false information and fabricated supporting documents, thereby failing to observe high standards of ethics and conduct in the transaction of business or engaging in conduct which is unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing in December 2016 , the Respondent failed to cooperate with MFDA Staff during the course of an investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent.:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA Member;
- a fine in the amount of $115,000 ; and
- costs in the amount of $7,500 .
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Toronto, 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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