TORONTO, May 24, 2022 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (the "MFDA") has issued its Reasons for Decision dated April 27, 2022 ("Reasons for Decision"), in connection with a settlement hearing held electronically by videoconference in Toronto, Ontario on April 1, 2022, in the matter of Kenneth George Russell (the "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 $26,000 as follows:
has paid costs of $5,000 on April 1, 2022;
shall complete an ethics or professional conduct course or another course acceptable to Staff of the MFDA, prior to becoming re-registered as an Approved Person; and
shall in the future comply with MFDA Rules 2.2.1, 2.1.1, 1.4(b), 2.1.4, 1.1.2, 2.5.1 as well as MFDA Policies No. 3 and No. 6.
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 conducted business in the London, Ontario area.
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 80,000 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
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