July 19, 2017 (Toronto, Ontario) – A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision in connection with a settlement hearing in the matter of Todd Sean Werboweski (“Respondent”) held on May 25, 2017 in Calgary, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Reasons for Decision relate to the Hearing Panel’s acceptance of the settlement agreement (“Settlement Agreement”) entered into between the Respondent and Staff of the MFDA.
In its Reasons for Decision dated July 18, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular:
- a prohibition from conducting securities related business in any capacity while in the employ or associated with any Member of the MFDA for a period of nine (9) months from the date of the settlement hearing;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
Copies of the Reasons for Decision and Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Calgary, Alberta 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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