January 23, 2017 (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 (“Reasons for Decision”) in connection with a settlement hearing held in Toronto, Ontario on September 29, 2016 in the matter of Paul N. Orfali (the “Respondent”). The Reasons for Decision relate to the Hearing Panel’s acceptance of the settlement agreement (the “Settlement Agreement”) entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated January 19, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent:
- a fine in the amount of $2,500;
- costs in the amount of $2,500;
- prohibition from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of two (2) months pursuant to s.24.1.1(e) of MFDA By-law No.1; and
- in future shall comply with MFDA Rule 2.1.1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Gloucester, 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 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.
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