TORONTO, Sept. 30, 2022 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Everest Nicholas Louis D'Souza (the "Respondent") by Notice of Hearing dated December 16, 2021 ("Notice of Hearing").
A disciplinary hearing in this matter was held electronically by videoconference in Toronto, Ontario on September 28, 2022 before a three-member Hearing Panel of the MFDA's Central Regional Council. Prior to the hearing, the parties filed an agreed statement of facts dated July 13, 2022 (the "Agreed Statement of Facts"), in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which the Respondent could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1. In particular, the Respondent admitted that between February 2014 and September 2015, he engaged in securities related business that was not carried on for the account of the Member or conducted through its facilities by recommending, selling, or facilitating the sale of syndicated mortgage investments, contrary to the Member's policies and procedures and MFDA Rules 1.1.1, 2.1.1, 2.5.1, and 1.1.2.
Following submissions from the parties with respect to penalty, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
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 ("Fine") in the amount of $30,000;
costs ("Costs") in the amount of $2,500; and
the Fine and Costs are to be paid on a time schedule worked out by the parties.
An appearance has been tentatively scheduled for October 20, 2022, commencing at 10:00 a.m. (Eastern), should the parties not come to an agreement with respect to setting out a payment schedule for the Fine and Costs.
Copies of the Notice of Hearing and the Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent conducted business in the Markham, 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 76,695 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
View original content: http://www.newswire.ca/en/releases/archive/September2022/30/c0882.html