October 20, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Everest Nicholas Louis D’Souza (“Respondent”) by Notice of Hearing dated December 16, 2021 (“Notice of Hearing”).
On September 28, 2022, following a disciplinary hearing, 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;
- a fine (“Fine”) in the amount of $30,000;
- costs (“Costs”) in the amount of $2,500; and
- the Fine and Costs are to be paid on a time schedule worked out by the parties.
An appearance was held electronically by videoconference today, where the parties made submissions to the Hearing Panel with respect to setting out a payment schedule for the Fine and Costs. The Hearing Panel has ordered the following and advised that it will issue its written reasons in due course:
- the Fine and Costs shall be made in sixty monthly installments each in the amount of $541.67, without interest, on the first day of each month, with the first installment commencing on November 1, 2022; and
- if the Respondent fails to make any of the payments described above when the payments become due, then the unpaid balance of the Fine and Costs owed by the Respondent shall immediately become due and payable to the MFDA, unless an MFDA Hearing Panel provides otherwise.
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 76,695 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.