November 11, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Joel Henry Attis (the “Respondent”) by Notice of Hearing dated December 18, 2019, as amended on July 12, 2021 (“Amended Notice of Hearing”).
In its Decision (Misconduct) and Reasons dated July 5, 2022, the Hearing Panel found that the two allegations set out in the Amended Notice of Hearing against the Respondent had been established.
A penalty hearing in this proceeding took place electronically by videoconference on November 10, 2022, before a three-member Hearing Panel of the MFDA’s Atlantic Regional Council. Following a joint submission from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of two (2) years, commencing November 10, 2022;
- a fine in the amount of $50,000 (“Fine”);
- costs in the amount of $15,000 (“Costs”);
- payment of the Fine and Costs shall be made in instalments as follows:
- $10,000 (Costs) on November 10, 2022;
- $5,000 (Costs) on or before November 30, 2022; and
- $50,000 (Fine) on or before November 30, 2022.
Copies of the Decision (Misconduct) and Reasons and the Amended Notice of Hearing are available on the MFDA website at www.mfda.ca. During the period described in the Decision (Misconduct) and Reasons, the Respondent carried on business in Moncton, New Brunswick.
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 76,695 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.