The Canadian Press - ONLINE EDITION

Hedge fund investments sold without employer consent; MFDA issues $2.5M in fines

  • Print

TORONTO - The body that regulates Canada's mutual fund dealers has issued a $2-million fine against Ellen Grace Batac and lesser penalties to several other people who sold investments in a hedge fund without their employers' consent or knowledge.

The Mutual Fund Dealers Association said the fine against Batac — which was higher than the $700,000 originally sought against her — was appropriate because she was the guiding force in the sales and for slowing the MFDA's investigation into the activity.

In addition to the fine, the MFDA ordered Batac to pay $10,000 in costs and permanently barred her from conducting securities-related business while associated with a member mutual fund dealer.

The other four people sanctioned by the association were formerly employed by WFG Securities or WH Stuart or both as mutual fund salespersons during the relevant period, from at least September 2005 to about October 2008.

The lightest fine among the accomplices was $5,000 plus $5,000 in costs and a seven-year ban from conducting securities related business, ordered against Hazel Gaminde, who the MFDA panel said was the only respondent to co-operate immediately and fully with its investigation.

The other respondents and respective sanctions were:

— Lilibeth Ocamo ($250,000 fine, $10,000 costs, permanent ban).

— Dandy Macareag ($150,000 fine, $10,000 costs, seven-year ban starting June 2013).

— Cesar Martin ($150,000 fine, $10,000 costs, seven-year ban starting June 2013).

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

How Winnipeg's slow growth saved the Exchange District

View more like this

Photo Store Gallery

  • A goose flys defensively to protect their young Wednesday near Kenaston Blvd and Waverley -See Bryksa 30 Day goose challenge- Day 16 - May 23, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • June 25, 2013 - 130625  -  A storm lit up Winnipeg Tuesday, June 25, 2013. John Woods / Winnipeg Free Press - lightning

View More Gallery Photos

Poll

Do you think Judy Wasylycia-Leis will greatly benefit from the endorsement by Winnipeg's firefighters?

View Results

View Related Story

Ads by Google