A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada has issued its decision and reasons in connection with the disciplinary hearing held in Toronto on June 10, in respect of Joplin Leclair.

In its Notice of Hearing, the MDFA alledged that Ms. Leclair:

> between October 2006 and August 2007, solicited and accepted a total of $250,000 from two individuals which she failed to repay or otherwise account for;

> between October 2006 and August 2007, engaged in a gainful occupation outside the business of her member firm without so advising the firm and obtaining approval; and

> failed to attend and give information to the MFDA during the course of an investigation.

In accepting the recommendation of MFDA staff, the hearing panel fined Leclair $250,000 for misappropriation of funds, and $10,000 for failing to disclose and obtain approval of outside business activities.

For failing to give information during the investigation and failing to cooperate, the panel also permanently prohibited Leclair from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA member firm.

The panel also ordered Lelcair to pay $7,500 to cover the investigation and prosecution costs.