A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada has disciplined an Ontario fund salesman for selling an investment product that had not been approved for sale by the fund dealer.

At a hearing held Tuesday, April 20, the panel accepted the settlement agreement between Michael Rosenfelder, registered in Ontario as a mutual fund salesperson with Assante Financial Management Ltd., and MFDA staff.

In the settlement agreement, Rosenfelder admitted that between January and September 2005, he engaged in securities related business that was not carried on for the account of the Member and through the facilities of Assante by referring or facilitating the sale of a total of $150,000 of an investment product to two clients when that investment product had not been approved for sale by the fund dealer.

As a consequence of the settlement, Rosenfelder paid a $10,000 fine and $2,500 in costs. He also agreed not to seek authority to conduct securities related business while in the employ of or associated with an MFDA member firm.

In the settlement agreement, the MFDA noted that Rosenfelder is 74 years old a lives much of the year outside of Canada. He is retired, and has sold his book of mutual fund business.

Copies of the settlement agreement are available on the MFDA website.

IE