An MFDA hearing panel has banned a former mutual fund salesperson with Scotia Securities Inc. for failing to respond to a request from MFDA staff to provide a written statement concerning his termination.

On Tuesday, the panel issued its reasons for decision in connection with the disciplinary hearing held in Toronto on March 9 in the matter of Kevin Desbois.

Desbois was registered as a mutual fund salesperson with Scotia Securities Inc. in Ontario from March 31, 2003 to January 25, 2007 when he was terminated for cause.

The MFDA alleged that Desbois failed to respond to a request from MFDA Staff to provide a written statement concerning his termination, contrary to MFDA by-laws.

The hearing panel imposed the following penalties and costs on Desbois:

• a permanent prohibition from conducting securities-related business in any capacity while in the employ of, or associated with, any MFDA member firm;
• a $50,00 fine; and
• $7,500 in costs.

IE