MFDA Hearing Panel makes finding of misconduct and reserves on sanctions in the matter of Frank Surette
SOURCE Mutual Fund Dealers Association of Canada
TORONTO, Nov. 6, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Frank Louis Surette ("Respondent") by Notice of Hearing dated March 5, 2019.
The hearing of this matter on its merits was held yesterday in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. After hearing submissions from Staff of the MFDA with respect to misconduct, the Hearing Panel found that the allegation set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following finding of misconduct against the Respondent:
Allegation #1: Commencing on July 11, 2017, the Respondent has failed to cooperate with an investigation into his activities conducted by Staff of the MFDA, contrary to section 22.1 of MFDA By-law No. 1 and MFDA Rule 2.1.1(c).
Following submissions from Staff regarding sanctions, the Hearing Panel reserved its judgment and advised that it will issue its written decision and provide its reasons in due course.
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.
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