July 24, 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 dated July 21, 2020 (“Reasons for Decision”) in connection with a settlement hearing held by electronic hearing in Toronto, Ontario on June 25, 2020 in the matter of Leonard Coronel (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been suspended from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of nine months;
- shall pay a fine of $2,500, payable in instalments as follows:
- $400 on or before July 31, 2020;
- $400 on or before August 31, 2020;
- $400 on or before September 30, 2020;
- $400 on or before October 30, 2020;
- $400 on or before November 30, 2020; and
- $500 on or before December 30, 2020;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
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 carried on business in the Toronto, Ontario, 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.