A hearing panel of the Ontario Regional Council of the Mutual Fund Dealers Association of Canada has issued its decision and reasons in connection with the disciplinary hearing held in respect of Shawn Sandink.

The hearing was held in Toronto on June 22.

The panel found that the allegation set out by MFDA staff in the Notice of Hearing of April 19, 2006, had been established.

MFDA staff alleged that between January 1999 and August 2003, Sandink misappropriated $34,250 from one of his mutual fund clients.

As a result, Sandink is permanently prohibited from conducting securities related business in any capacity.

The panel ordered him to pay a fine in the amount of $35,000, and also ordered him to pay costs in the amount of $2,500.