A hearing panel of the MFDA’s Central Regional Council has issued its decision and reasons in connection with the disciplinary hearing held in Toronto, Ontario on February 6, 2012 in the matter of Muchoki Fungai Simba.

In its decision and reasons, the hearing panel found that the three allegations made against the respondent in the notice of hearing issued October 31, 2011 had been established. As a consequence, the hearing panel has imposed the following sanctions on the respondent:

  • a permanent prohibition from conducting securities-related business in any capacity while in the employ of or associated with any member of the MFDA;
  • a fine in the amount of $250,000; and
  • costs in the amount of $7,500.