March 2, 2017 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision in connection with a settlement hearing held in Vancouver, British Columbia on February 2, 2017 in the matter of Roland Lemay (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 February 28, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent:
- a permanent prohibition from conducting securities related business while in the employ of or associated with any MFDA Member;
- a fine in the amount of $5,000, payable within six (6) month from the date of the Hearing Panel Order; and
- costs in the amount of $2,500.
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 carried on business in Vancouver, British Columbia.
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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