announced that it has issued a Notice of Settlement Hearing dated April 12, 2018 regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Pacific Regional Council.
The settlement agreement will be between Staff of the MFDA and Dale Keith Lamb (“Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that the Respondent:
- between December 2012 and June 2015, obtained, possessed, and used to process transactions, six pre-signed account forms in respect of three clients, contrary to MFDA Rule 2.1.1; and
- between December 2012 and November 2014, falsified and used to process transactions, eight client account forms in relation to five clients, by altering the client account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.
The settlement hearing is scheduled to take place on June 5, 2018, commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be held, in the hearing room at the British Columbia Securities Commission, located at 701 West Georgia Street, Suite 1200, Vancouver, British Columbia.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent carried on business in Kelowna, British Columbia.
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 82,000 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.