News Release

For immediate release
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For further information, please contact:

Charles Toth

Vice President, Enforcement

(416) 943-4619

ctoth@mfda.ca

Jeff Mount

Vice-President, Pacific Region

(604) 694-8846

jmount@mfda.ca

MFDA Hearing Panel issues Decision and Reasons in the matter of Adeleke Olanrewaju

February 16, 2022 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Decision and Reasons dated February 14, 2022 (“Decision and Reasons”) in connection with a disciplinary hearing held electronically by videoconference in Vancouver, British Columbia on January 25, 2022 in the matter of Adeleke Rasaq Olanrewaju (“Respondent”).

In its Decision and Reasons, the Hearing Panel outlined its findings of misconduct made against the Respondent. In particular:

Allegation #1: Between on or about August 13, 2018 and February 13, 2019, the Respondent misappropriated or failed to account for monies that he received from a client, contrary to MFDA Rule 2.1.1.

Allegation #2: On or about February 13, 2019, the Respondent made false or misleading statements to the Member during the course of an investigation into his conduct, contrary to the Member’s policies and procedures and MFDA Rules 2.1.1, 2.5.1, and 1.1.2.

In its Decision and Reasons, the Hearing Panel announced the following sanctions on the Respondent:

  • a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
  • a fine in the amount of $85,000; and
  • costs in the amount of $10,000.

A copy of the Decision and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons, the Respondent carried on business in the Vancouver, British Columbia 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 80,000 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.