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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: Eileen Marie Desgroseilliers

Order

(ARISING FROM HEARING ON THE MERITS HELD ON MAY 24, 2018)

WHEREAS on September 7, 2017, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of By-law No. 1 in respect of a disciplinary proceeding commenced against Eileen Desgroseilliers (“Respondent”);

AND WHEREAS on November 14, 2017, the first appearance in this proceeding was held before one public representative of a Regional Council acting as Chair on behalf of a hearing panel of the Central Regional Council of the MFDA (“Hearing Panel”), pursuant to s. 19.13 of  MFDA By-Law No. 1, during which time the hearing on the merits in this matter was scheduled to take place on March 8, 2018 at 10:00 am (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario;

AND WHEREAS on January 9, 2018, a second appearance in this proceeding was held before one public representative of a Regional Council acting as Chair on behalf of a hearing panel of the Central Regional Council of the MFDA, pursuant to s. 19.13 of MFDA By-Law No. 1;

AND WHEREAS during the second appearance Staff made submissions to the Chair of the Hearing Panel with respect to scheduling and other procedural matters;

AND WHEREAS on March 27, 2018, a third appearance was held before the Hearing Panel, during which time Staff made submissions to the Hearing Panel with respect to  a request by the Respondent to allow her to appear before the Hearing Panel during the  hearing on the merits by way of videoconference, and during which  time  the  hearing on  the  merits  in  this  matter  was scheduled to take place on May 24, 2018 at 10:00 am (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario;

AND WHEREAS the Respondent did not attend the third appearance, although properly notified of the appearance by Staff and the Corporate Secretary’s Office as to the purpose, timing and location of the appearance;

AND WHEREAS the hearing on the merits in this proceeding took place before a hearing panel of the Central Regional Council of the MFDA (the “Hearing Panel”) on May 24, 2018 7, 2017 at 10:00 a.m. (Eastern) in Toronto, Ontario;

AND WHEREAS no one appeared for the Respondent, although properly notified of the appearance by Staff and the Corporate Secretary’s Office as to the purpose, timing and location of the hearing on the merits;

IT IS HEREBY ORDERED THAT:

  1. The Respondent shall be permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
  1. The Respondent shall pay a fine in the amount of $75,000, pursuant to section 24.1.1(b) of MFDA By-law No. 1;
  1. The Respondent shall pay costs attributable to conducting the investigation and hearing of this matter in the amount of $10,000, pursuant to section 24.2 of MFDA By-law No. 1; and
  1. If at any time a non-party to this proceeding, with the exception of the bodies set out in section 23 of MFDA By-law No. 1, requests production of or access to exhibits in this proceeding that contain personal information as defined by the MFDA Privacy Policy, then the MFDA Corporate Secretary shall not provide copies of or access to the requested exhibits to the non-party without first redacting from them any and all personal information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure.

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