January 8, 2021 (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 January 7, 2021 (“Reasons for Decision”) in connection with a disciplinary held by electronic hearing in Toronto, Ontario on November 16-17, 2020 and December 21, 2020, in the matter of Arman Pekel (“Respondent”).
In its Reasons for Decision, the Hearing Panel outlined its findings of misconduct and confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA Member for a period of five years, commencing January 1, 2021;
- shall pay a fine of $15,000 (“Fine”);
- shall pay costs of $10,000 (“Costs”);
- payment of the Fine and Costs shall be made in 50 monthly instalments of $500.00 each, without interest, on the first day of each month, with the first instalment commencing July 1, 2021; and
- if any of the instalments are not paid when due, the unpaid balance of the Fine and Costs shall thereupon become due and payable unless the MFDA provides otherwise by order of a hearing panel.
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.