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

MFDA Hearing Panel issues Reasons for Decision in the matter of Paul Bannab

July 26, 2022 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (the “MFDA”) has issued its Reasons for Decision dated July 21, 2022 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Toronto, Ontario on May 25, 2022, in the matter of Paul Bannab (the “Respondent”).

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

  • has been permanently prohibited from acting as a branch manager or in any supervisory capacity for a Member of the MFDA, commencing May 25, 2022;
  • a fine in the amount of $5,000, payable in instalments as follows:
    • has paid $2,500 on May 25, 2022;
    • has paid $833.33 on June 30, 2022;
    • $833.34 on or before July 29, 2022;
    • $833.33 or before August 31, 2022;
  • has paid costs of $5,000; and
  • shall in the future comply with MFDA Rules 1.1.2, 2.1.1, 2.5.1, and 2.5.5(f).

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 St. Catharines, 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 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.