TORONTO, ON, April 16, 2021 /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 April 15, 2021 ("Reasons for Decision"), in connection with a settlement hearing held by electronic hearing on March 10, 2021, in the matter of Benjamin Stewart ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
has paid a fine of $6,000;
has paid costs of $2,500;
shall be suspended from acting as a branch manager or in any other supervisory capacity for a period of 2 months;
shall successfully complete the branch manager's course offered by either the Canadian Securities Institute or the Investment Funds Institute of Canada prior to acting as a branch manager in the future; and
shall in the future comply with MFDA Rule 2.1.1, 1.1.2, and 2.5.1.
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 out of the Cornwall, 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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