April 19, 2017 (Toronto, Ontario) – A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision in connection with a settlement hearing held in Calgary, Alberta on March 31, 2017 in the matter of Phillip Ross Pattison (“Respondent”). The Reasons for Decision relate to the Hearing Panel’s acceptance of the settlement agreement (“Settlement Agreement”) entered into between the Respondent and Staff of the MFDA.
In its Reasons for Decision dated April 18, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $13,500;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
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.