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MFDA Case Summary

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Home › Case Summary 201523 - RE: Rutley, Neil


CASE SUMMARY # 201523
November 2, 2015

MFDA Case Summary
Enforcement

This case summary was prepared by Staff of the MFDA.

Hearing Panel Imposes Penalties on Neil Rutley

Neil Rutley (the “Respondent”) has been registered in Ontario as a mutual fund salesperson with
Investors Group Financial Services Inc. (“IG”) since February, 1976. The Respondent admitted
that between November 2005 and February 2014, he obtained and maintained 16 blank pre-
signed forms in respect of eight clients, contrary to MFDA Rule 2.1.1. The account forms
consisted of order entry forms, know-your-client forms and bank account authorization forms.
The Respondent also admitted that on February 12, 2014, he accepted cash from a client, thereby
failing to comply with IG’s anti-money laundering procedures, contrary to MFDA Rules 2.5.1
and 1.1.2. The funds were invested in the client’s Registered Retirement Savings Plan account,
but his actions violated IG’s policies and procedures that cash should not be accepted. The
Hearing Panel accepted a Settlement Agreement between the Respondent and the MFDA and
imposed the following penalties: (a) a fine of $10,000; (b) costs of $2,500; and (c) a commitment
to comply with MFDA Rules 1.1.2, 2.1.1 and 2.5.1 in the future.

NOTICE: This case summary has been prepared by Staff of the MFDA, based upon the previously published
Decision and Reasons of an MFDA Hearing Panel presiding over this matter. Every effort is made to ensure that this
case summary accurately reflects the content of the Decision and Reasons. However, where there is a discrepancy
between this case summary and the Decision and Reasons, the Decision and Reasons will prevail.

DM #451399