A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada has fined Ontario mutual fund salesman Martin Horvath $20,000 for violating MFDA rules.

Horvath t was registered in Ontario as a mutual fund salesperson with ASL Direct Inc. from May 2004 until his termination on Sept. 14, 2007.

At disciplinary hearing held in in Toronto on Thursday, the Hearing Panel found that the allegations set out by MFDA staff in the Notice of Hearing dated June 26, 2009 had been established.

MFDA staff alleged that while working ASL Direct, Horvath:

• continued in another gainful occupation that was not disclosed nor approved by ASL Direct by the by referring individuals to overseas real estate agents;

• engaged in securities related business that was not carried on for the account of ASL Direct by recommending, referring or facilitating purchases of investment products by individuals outside the firm;

• continued in another gainful occupation by recommending, referring or facilitating purchases of investment products by individuals outside ASL Direct; and

• refused to provide documents and information to MFDA Staff during the course of an investigation.

The hearing panel ordered a permanent prohibition on Horvath from conducting securities-related business in any capacity while in the employ of or associated with any MFDA Member, fined him $20,000 and ordered him to pay costs in the amount of $2,500.

IE