October 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 August 31, 2017 in the matter of Terry Edward Barrett (“Respondent”).
In its Reasons for Decision dated October 20, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- shall pay a fine in the amount of $5,000 (“Fine”);
- has paid costs in the amount of $2,500 (“Costs”);
- the Fine and Costs shall be paid by certified funds as follows:
- $2,500 (Costs) upon entering into the Settlement Agreement;
- $833.33 on the last business day of September, 2017;
- $833.33 on the last business day of October, 2017;
- $833.33 on the last business day of November, 2017;
- $833.33 on the last business day of December, 2017
- $833.33 on the last business day of January, 2018; and
- $833.33 on the last business day of February, 2018.
- if the Respondent fails to make any of the payments described above then:
- any outstanding balance of the Fine owed by the Respondent, shall immediately become due and payable to the MFDA;
- he shall immediately be suspended from conducting securities related business while in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine owed by the Respondent is paid to the MFDA; and
- in the 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 carried on business in the Uxbridge, 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.