May 25, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Eileen Marie Desgroseilliers (“Respondent”) by Notice of Hearing dated September 7, 2017.
The hearing of this matter on its merits concluded on May 24, 2018 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the MFDA. At the hearing, Staff of the MFDA made submissions with respect to sanctions and the Hearing Panel reserved its decision.
The Hearing Panel has imposed the following sanctions against the Respondent and advised that it will issue written reasons as to misconduct and sanctions in due course:
- a permanent prohibition on the authority of the Respondent to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $75,000; and
- costs in the amount of $10,000.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Thunder Bay, 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 82,000 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.