July 25, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of TeamMax Investment Corp. (the “Respondent”) by Notice of Hearing dated November 11, 2021 (“Notice of Hearing”).
As previously announced, a three-member Hearing Panel of the MFDA’s Central Regional Council made findings of misconduct against the Respondent.
A penalty hearing in this proceeding was has held electronically by videoconference on July 22, 2022, in Toronto, Ontario before a three-member Hearing Panel of the MFDA’s Central Regional Council. After hearing submissions from the parties, the Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons for misconduct and sanctions in due course:
- a fine in the amount of $60,000; and
- costs in the amount of $10,000.
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.