A hearing panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada today approved a settlement agreement between the MFDA and Evangeline Securities Ltd.

The settlement concerns allegations that the Evangeline failed to supervise and prevent trading in accounts where clients were residents in jurisdictions in which the Evangeline and its approved persons were not registered.

The panel ordered Evangeline to pay a $10,000 fine and $2,500 in costs.

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

A copy of the settlement agreement is available on the MFDA website at www.mfda.ca.