A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada on Monday approved the settlement agreement between Peter Lamarche and the MFDA.

Lamarche has been registered in Ontario as a mutual fund salesperson with Interglobe Financial Services Corp. since March 31, 2000 and as a branch manager since Sept. 30, 2003.

The hearing panel found that by permitting sales of exempt securities issued by FactorCorp Financial Inc. to be processed through the facilities of Blonde & Little Financial Services Ltd. by one individual who was not registered to advise on or trade in securities and by one approved person who was required to process all of his securities related business through the facilities of his member firm, the Lamarch facilitated conduct contrary to the Securities Act (Ontario).

As a consequence of the settlement:

> Lamarche paid a fine in the amount of $40,000;

> was prohibited from being registered or acting in any supervisory capacity with a Member of the MFDA for two years;

> was prohibited from being registered or acting as a partner, director or senior officer of a member of the MFDA for three years; and

> paid costs in the amount of $2,500.

The panel said it would issue written reasons in due course.

A copy of the settlement agreement is available on the MFDA Web site.

IE