June 25, 2018 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Decision and Reasons (Penalty) dated June 21, 2018 (“Decision and Reasons”) in connection with a penalty hearing held in Toronto, Ontario on May 30, 2018 in the matter of Mervin Evans Visneskie (“Respondent”).
In its Decision and Reasons, the Hearing Panel imposed the following sanctions on the Respondent:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA Member;
- shall pay within 18 months a fine in the amount of $650,531, but the amount of the fine shall be reduced by any amounts paid by the Respondent within 18 months to individuals referenced in the Notice of Hearing who have not been repaid or to their representatives or to the beneficiaries of their estates as part of a settlement of a civil action or in satisfaction of any court imposed order (excluding amounts paid for costs or interest) or by other means as restitution for amounts loaned to the Respondent; and
- shall pay costs to the MFDA in the amount of $15,000.
A copy of Decision and Reasons (Penalty) is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons, the Respondent conducted business in the Kinburn, Ontario 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 82,000 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.