MFDA Hearing Panel issues Reasons for Decision in the matter of Everest D’Souza

December 13, 2022 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated December 9, 2022 (“Reasons for Decision”), in connection with a disciplinary hearing held electronically by videoconference in Toronto, Ontario on September 28, 2022, in the matter of Everest Nicholas Louis D’Souza (the “Respondent”).

In its Reasons for Decision, the Hearing Panel outlined its findings of misconduct and confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

• has been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
• shall pay a fine of $30,000 (“Fine”)
• shall pay costs of $2,500 (“Costs”);
• the Fine and Costs shall be made in sixty monthly installments each in the amount of $541.67, without interest, on the first day of each month, with the first installment commencing on November 1, 2022; and
• if the Respondent fails to make any of the payments described above when the payments become due, then the unpaid balance of the Fine and Costs owed by the Respondent shall immediately become due and payable to the MFDA, unless an MFDA Hearing Panel provides otherwise.

A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Markham, Ontario area.

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 76,695 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.