A hearing panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada has approved a settlement agreement between the MFDA and Melvin Penney.

At a hearing in Moncton, New Brunswick, on Wednesday, the panel suspended Penny’s authority to conduct securities-related business with any MFDA member firm for two years.

The panel also ordered Penney to pay a fine of $5,000.

If Penney fails to pay the fine in full by Jan. 15, 2010 he shall be permanently prohibited from
conducting securities related business with any MFDA member.

The panel advised that it would issue written reasons for its decision in due course.

A copy of the settlement agreement is available on the MFDA website at www.mfda.ca.

IE