The Mutual Fund Dealers Association of Canada has issued several Reasons for Decision documents, of which the details are below.

In the matter of Kallol Ghose

A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on November 24, 2016 in the matter of Kallol Ghose.

In its Reasons for Decision dated January 19, 2017, the hearing panel confirmed the sanctions imposed on the respondent:

  • a fine in the amount of $5,000;
  • costs in the amount of $2,500;
  • shall successfully complete the branch manager’s course offered by either the Canadian Securities Institute or the Investment Funds Institute of Canada within six (6) months of the acceptance of the settlement agreement by the Hearing Panel; and
  • in future will comply with MFDA Rule 2.1.1.

Read the Reasons for Decision document.

In the matter of Bruce Gilboord

A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on November 24, 2016 in the matter of Bruce Gilboord.

In its Reasons for Decision dated January 19, 2017, the hearing panel confirmed the sanctions imposed on the respondent:

  • prohibition for a period of three (3) months from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA;
  • costs in the amount of $2,500; and
  • in future shall comply with MFDA Rule 2.1.1.

Read the Reasons for Decision document.

In the matter of Paul N. Orfali

A Hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on September 29, 2016 in the matter of Paul N. Orfali.

In its Reasons for Decision dated January 19, 2017, the hearing panel confirmed the sanctions imposed on the respondent:

  • a fine in the amount of $2,500;
  • costs in the amount of $2,500;
  • prohibition from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of two (2) months pursuant to s.24.1.1(e) of MFDA By-law No.1; and
  • in future shall comply with MFDA Rule 2.1.1.

Read the Reasons for Decision document.