The Prairie Regional Counci ot the Mutual Fund Dealers Association of Canada has disciplined two fund salesmen.
A disciplinary hearing in the matter of Ronald Freynet was held today before a hearing panel of the PRC in Winnipeg.
At the hearing, the panel reviewed an agreed statement of facts entered into by Freynet with staff of the MFDA. Freynet admitted to the misconduct as alleged in the notice of hearing.
The panel also received joint submissions of the parties with respect to the appropriate penalty.
The panel made the following order at the conclusion of the hearing and advised that it would issue written reasons for its decision in due course:
- a permanent prohibition on the authority of Freynet to conduct securities-related business in any capacity while in the employ of, or associated with, any MFDA member;
- a fine in the amount of $10,000; and
- costs in the amount of $2,500.
Yesterday, a settlement hearing in the matter of Rodney Jacobson was held before a hearing panel of the PRC in Calgary.
The panel approved the settlement agreement between the MFDA and Jacobson.
The panel ordered a permanent prohibition on the authority of Jacobson to conduct securities related business in any capacity, and fined him $15,000.
The panel advised that it would issue written reasons in due course.
Copies of the Order and Settlement Agreements are available on the MFDA website at www.mfda.ca
The Mutual Fund Dealers Association of Canada is the self-regulatory organization for Canadian mutual fund dealers. The MFDA regulates the operations, standards of practice and business conduct of its 162 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.