December 20, 2016 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision (Penalty) dated December 19, 2016 (“Reasons for Decision”) in connection with a penalty hearing held in Toronto, Ontario on November 28, 2016 in the matter of Gilles Robert Latour (the “Respondent”).
In its Reasons for Decision the Hearing Panel imposed the following sanctions on the Respondent:
- a permanent prohibition on the authority of the Respondent to conduct securities related business while in the employ of or associated with any MFDA Member;
- a fine in the amount of $900,000, subject to possible reduction to the extent of any restitution paid by the Respondent; and
- costs in the amount of $10,000.
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.