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MFDA Hearing Panel issues Reasons for Decision in the matter of Neil MacDonald

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MFDA Hearing Panel issues Reasons for Decision in the matter of Neil MacDonald

Canada NewsWire

TORONTO, Aug. 27, 2018 /CNW/ - A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated August 24, 2018 in connection with a settlement hearing held in Vancouver, British Columbia on July 24, 2018 in the matter of Neil Robert MacDonald ("Respondent").

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

  • shall pay a fine in the amount of $6,000 ("Fine");
  • has paid costs in the amount of $2,500;
  • payment of the Fine shall be made to and received by MFDA Staff in certified funds as follows:
    • $1,000 on or before the last business day of the first month following the date of Settlement Agreement;
    • $1,000 on or before the last business day of the second month following the date of Settlement Agreement;
    • $1,000 on or before the last business day of the third month following the date of Settlement Agreement;
    • $1,000 on or before the last business day of the fourth month following the date of Settlement Agreement;
    • $1,000 on or before the last business day of the fifth month following the date of Settlement Agreement;
    • $1,000 on or before the last business day of the sixth month following the date of Settlement Agreement;
  • if he fails to make any of the payments described above then:
    • any outstanding balance of the Fine shall become immediately due and payable to the MFDA; and
    • he shall be suspended from conducting securities related business while in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine is paid to the MFDA;
  • shall in the future comply with MFDA Rule 2.1.1.

A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Penticton, British Columbia.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.

SOURCE Mutual Fund Dealers Association of Canada

View original content: http://www.newswire.ca/en/releases/archive/August2018/27/c7403.html

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