September 30, 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 29, 2020 (“Reasons for Decision”) in connection with a disciplinary hearing held in Winnipeg, Manitoba on September 24, 2019 in the matter of Raymond John Zamrykut (“Respondent”).
In its Reasons for Decision, the Hearing Panel outlined its reasons for its findings of misconduct and confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of 30 months;
- shall pay a fine of $5,000 (“Fine”);
- shall pay costs of $2,500 (“Costs”);
- payment of the Fine and Costs shall be made to and received by the MFDA in 24 monthly installments of $312.50 on or before the final business day of each month commencing in October 2019 and ending in September 2021;
- failure to make any of the installment payments of the Fine and Costs will result in the entire outstanding amount becoming immediately due and payable to the MFDA; and
- shall in the future comply with MFDA Rules 1.1.2, 2.1.4, 2.1.1, and 2.5.1.
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 conducted business in the Winnipeg, Manitoba 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.