MFDA Hearing Panel issues Decision and Reasons (Penalty) in the matter of Gregory Burke
December 20, 2017 (Toronto, Ontario) – A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Decision and Reasons (Penalty) dated December 19, 2017 in connection with a hearing held in Halifax, Nova Scotia on August 10, 2017 in the matter of Gregory Burke (“Respondent”).
At the hearing held on August 10, 2017, the parties filed an Agreed Statement of Facts dated August 28, 2017 in which the Respondent admitted that between August 2011 and November 2015, he sent written communications to seven (7) clients containing misleading or incomplete information, unwarranted or exaggerated claims, and/or failing to identify the material assumptions upon which conclusions were based, contrary to MFDA Rules 2.8.2 and 2.1.1.
In its Decision and Reasons, the Hearing Panel announced the imposition of the following sanctions on the Respondent:
- a fine in the amount of $10,000; and
- costs in the amount of $5,000.
Copies of the copy of the Decision and Reasons (Penalty) and Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Penalty), the Respondent conducted business in the Halifax, Nova Scotia 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.