MFDA Hearing Panel imposes sanctions in the matter of Guy Dudding

December 20, 2021 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Guy Edward Dudding (“Respondent”) by Notice of Hearing dated May 18, 2021, as amended on September 24, 2021.

A penalty hearing in this proceeding was has held electronically by videoconference on December 17, 2021, in Calgary, Alberta before a three-member Hearing Panel of the MFDA’s Prairie Regional Council. After hearing submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons for misconduct and sanctions in due course:

• a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
• a fine in the amount of $990,600, the particulars of which are:
  • $845,600 with respect to Allegation #1;
  • $20,000 with respect to Allegation #2;
  • $25,000 with respect to Allegation #3;
  • $50,000 with respect to Allegation #4;
  • $50,000 with respect to Allegation #5; and
• costs in the amount of $20,000.

A copy of the Amended Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Lloydminster, Alberta 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 80,000 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.