March 17, 2017 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision (“Reasons for Decision”) in connection with a settlement hearing held in Toronto, Ontario on December 15, 2016 in the matter of Claude Armand Vaillancourt (the “Respondent”). The Reasons for Decision relate to the Hearing Panel’s acceptance of the settlement agreement (the “Settlement Agreement”) entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated March 16, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent:
- a fine in the amount of $11,500 (the “Fine”);
- the Fine shall be payable in 12 installments in the amount of $958.33 each, which are due on or before the final business day of the 12 months that follow the date of the acceptance of the Settlement Agreement by the Hearing Panel;
- costs in the amount of $2,500;
- a prohibition from conducting securities related business in the capacity of branch manager or any other supervisory capacity for a period of 12 months for a Member of the MFDA;
- shall successfully complete the branch manager course offered by the Canadian Securities Institute before seeking re-designation as a branch manager; and
- shall in the future comply with MFDA Rules 2.5.5(f) and 2.1.1.
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 83,000 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.