A hearing panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada Friday approved a settlement agreement between Alden K. Kaley and MFDA staff.

Kaley has been registered in New Brunswick as a mutual fund salesperson with Investia Financial Services Inc. since Sept 5, 2003. Investia became a member of the MFDA on June 7, 2002.

Kaley is also co-owner (along with three other individuals) and a director of a fishing lodge called The Ledges Fishing Corp.

In the settlement agreement, Kaley admitted that his participation in the sale of 13 preferred shares of The Ledges to the public constituted securities related business that was not carried on for the account of Investia and through the facilities of Investia, contrary to MFDA rules.

He also admitted that from at least April 3, 2006 to August 2007, he carried on another gainful occupation that was not properly disclosed to and approved by Investia in his role as co-owner and director of the Ledges.

The MFDA hearing panel fined Kaley $10,000, suspended him from acting as a mutual fund salesperson for six months; and ordered him to pay $2,500 in costs.
 
The hearing panel advised that it would issue written reasons for its decision in due course.

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

IE