TORONTO, July 3, 2013 /CNW/ - A disciplinary hearing in the matter of Daniel Lipovetsky (the "Respondent") was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council.
Following submissions from MFDA counsel, the Hearing Panel found that the allegations set out in the Notice of Hearing dated April 5, 2013 had been established and imposed the following sanctions and costs on the Respondent at the conclusion of the hearing:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of, or associated with, any MFDA Member;
- a fine of $30,000 with respect to Allegations # 1 and 2;
- a fine of $50,000 with respect to Allegation # 3; and
- costs of $7,500.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada