September 15, 2020 (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 dated September 14, 2020 (“Reasons for Decision”) in connection with a settlement hearing held by electronic hearing in Calgary, Alberta on August 18, 2020 in the matter of Kenneth Allan Parker (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine of $20,000;
- has paid costs in the amount of $5,000; and
- shall comply with MFDA Rule 2.5.3(b), if the Respondent becomes registered as Chief Compliance Officer of a Member of the MFDA in the future.
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 81,000 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.