MFDA fines advisor $225,000

By The IJ Staff | July 05 2018 11:30AM

The Mutual Fund Dealers Association of Canada (MFDA) announced this week that it has permanently banned Ronald Morrell Schwartz for misconduct.

The advisor, who conducted business in the Kitchener-Waterloo, Ontario area, was also fined a total of $225,000, broken down as follows: $125,000 for unauthorized redemptions and misappropriation; $25,000 for creating and distributing fictitious statements and misleading clients and an MFDA member; and $75,000 for failure to cooperate. He was also sanctioned $10,000 in costs.

To learn more, consult the Notice of Hearing and Reasons for Decision on the MFDA’s website.