October 1, 2020 (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 (Penalty) dated September 30, 2020 (“Reasons for Decision”) in connection with a penalty hearing held by electronic hearing in Toronto, Ontario on August 19, 2020 in the matter of John David Elwood (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- shall be permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- shall pay a fine of $25,000; and
- shall pay costs of $12,500.
A copy of the Reasons for Decision (Penalty) is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision (Penalty), the Respondent conducted business from a branch office located in the Toronto 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 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.