May 15, 2017 (Toronto, Ontario) – A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision (“Reasons for Decision”) in connection with a settlement hearing held in Moncton, New Brunswick on July 15, 2016 in the matter of Charles Edward Symes (“Respondent”).
In its Reasons for Decision dated May 12, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $10,000;
- has paid costs in the amount of $2,500;
- should the Respondent, at any time in the future, seek to hold the position of Branch Manager, before doing so he will be required to successfully complete the Branch Manager’s course offered by the Canadian Securities Institute in relation to the mutual fund industry; and
- 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 conducted business in the Moncton, New Brunswick 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 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.