A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada on Wednesday approved a settlement agreement between MFDA staff and Keybase Financial Group Inc. and Dax Sukhraj.

The panel ordered Keybase to pay a fine in the amount of $150,000, and to retain an independent monitor to resolve certain compliance deficiencies.

The panel ordered Sukhraj to pay a fine in the amount of $50,000, and to complete the Partners, Directors and Senior Officers course within one year.

The panel also ordered the respondents to pay costs in the amount of $25,000.

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

A copy of the settlement agreement and the hearing panel’s order is available on the MFDA website.

IE