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Order
File No. 201326






IN THE MATTER OF A DISCIPLINARY HEARING
PURSUANT TO SECTIONS 20 AND 24 OF BY-LAW NO. 1 OF
THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA


Re: Murray Arnold Greenberg and Katrina Anne Powell



ORDER
(Murray Arnold Greenberg)



WHEREAS on July 2, 2013, the Mutual Fund Dealers Association of Canada (the
“MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of MFDA By-law No. 1 in
respect of a disciplinary proceeding commenced against Murray Arnold Greenberg
(“Greenberg”) and Katrina Anne Powell (“Powell”);

AND WHEREAS on September 17, 2013, a first appearance in this proceeding took
place by teleconference before a Hearing Panel of the Prairie Regional Council of the MFDA
(the “Hearing Panel”);

AND WHEREAS on February 25, 2014, the Hearing Panel commenced a hearing of this
matter on its merits (the “Hearing”);

AND WHEREAS Greenberg did not attend at the Hearing; was not represented by
counsel at the Hearing; and did not otherwise participate in the Hearing;
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AND WHEREAS upon reading the Affidavit of Alan Currie sworn February 21, 2014,
and the exhibits attached thereto, and upon hearing the submissions of counsel for Staff, no none
appearing on behalf of the Respondent, the Hearing Panel is of the opinion that:

a)
between September 2005 and April 2009, Greenberg engaged in securities related
business that was not carried on for the account and through the facilities of the Member
by recommending, selling, facilitating the sale or making referrals in respect of the sale of
approximately $13.45 million of investment products to at least 40 clients outside the
Member, contrary to MFDA Rules 1.1.1, 2.4.2 and 2.1.1.

b)
between September 2005 and April 2009, Greenberg had and continued in another
gainful occupation which was not disclosed to and approved by the Member by
recommending, selling, facilitating the sale or making referrals in respect of the sale of
approximately $13.45 million of investment products to at least 40 clients outside the
Member, contrary to MFDA Rules 1.2.1(d) and 2.1.1.

c)
In or around July 2009, Greenberg failed to inform the Member of a complaint
from client NH Ltd. concerning the sale of an investment outside the Member, contrary to
s. 4.1 of MFDA Policy No 6.

IT IS HEREBY ORDERED THAT:

1.
Greenberg shall be permanently prohibited from conducting securities related business
while in the employ of, or associated with, any MFDA Member, pursuant to s.24.1.1(e) of
MFDA By-law No. 1;

2.
Greenberg shall pay a fine of $250,000, pursuant to s.24.1.1(b) of MFDA By-law No. 1;

3.
Greenberg shall pay costs in the amount of $10,000, pursuant to s.24.2 of MFDA By-law
No. 1; and

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4.
If at any time a non-party to this proceeding requests production of, or access to, any
materials filed in, or the record of, this proceeding, including all exhibits and transcripts, then the
Office of the Corporate Secretary of the MFDA shall not provide copies of, or access to, the
requested documents to the non-party without first redacting from them any and all intimate
financial or personal information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of
Procedure.

DATED this 25th day of February, 2014.

“Alan V. M. Beattie”
Alan V. M. Beattie

Chair

“M. Elaine Bradley”
M. Elaine Bradley

Industry Representative

“Daniele Ayers”

Daniele Ayers

Industry Representative

DM 376158 v2

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