Following a hearing, Murray Greenberg was found to have sold over $13 million of investment products to over 40 clients which were not processed through his employer. He was subject to a permanent ban, a $250,000 fine and a $10,000 cost award. (Murray Greenberg (Re), File No. 201326, reasons to follow).
Following the contested hearing, the MFDA imposed a $5,000 fine on Lodovico Angelo Cavan who failed to disclose and obtain approval for a business carried on through three corporations. The three corporations were then allegedly used by an acquaintance to defraud her employer. Cavan received over $117,000 in payments and benefits from these corporations but later repaid $90,000 in a settlement, which the Panel took into account when determining appropriate sanctions. (Lodovico Angelo Cavan, File No. 201313).