A Mutual Fund Dealers Association of Canada hearing panel has fined two individuals a combined total of more than more than $1.4 million for breaching numerous MFDA rules.

The Prairie Regional Council hearing panel issued its decision regarding Gerard Brake and Mavis Brake on Dec. 3, 2008, and the hearing on the penalty took place in Winnipeg on Thursday.

The hearing panel ordered a permanent prohibition on the authority of the two respondents to conduct securities-related business in any capacity. In addition, the panel ordered a joint fine of $1.23 million, plus a fine of $75,000 against Mavis Brake, a $50,000 fine against each, and $10,000 in costs for each.

The penalties relate to six allegations made against the pair, including holding occupations that were not disclosed to or approved by the member, engaging in securities-related business outside the member by selling more than $1 million in shares of corporations that they owned and operated, and failing to return or otherwise account for the monies.

The hearing panel said it would issue written reasons for its decision in due course.