WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated September 30, 2016 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law No. 1;
AND WHEREAS the Hearing Panel is of the opinion that the Respondent, prior to being registered referred one client, and between August 12, 2008 and 2010, referred two individuals to a company selling an exempt market product, and received at least $4,505.08 in referral fees for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with MFDA Rules 1.1.1 and 2.4.2, and sections 13.7 to 13.10 of National Instrument 31-103.
IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:
- The Respondent shall pay a fine in the amount of $10,000, pursuant to section 24.1.1(b) of By-law No. 1;
- the Respondent shall be prohibited from conducting securities related business while in the employ of or associated with any MFDA Member for a period of three years, pursuant to section 24.1.1(e) of MFDA By-law No. 1;
- the Respondent shall pay costs in the amount of $5,000, pursuant to section 24.2 of By-law No. 1; and
Shelley L. MillerShelley L. MillerChair
Nada IsraeliNada IsraeliIndustry Representative