February 8, 2018 (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 dated February 7, 2018 in connection with a settlement hearing held in Toronto, Ontario on December 14, 2017 in the matter of Adrian Lo (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $8,500;
- has paid costs in the amount of $2,500;
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated August 10, 2017, the Respondent admitted that:
- between February 2014 and February 2016, he altered and, in some instances, used to process transactions, seven account forms in respect of eight clients by altering information on the account forms without having obtained client initials authorizing the changes, contrary to MFDA Rule 2.1.1; and
- between February 2014 and February 2016, he obtained, possessed and, in some instances, used to process transactions, four pre-signed account forms in respect of five clients, contrary to MFDA Rule 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Greater Toronto Area.
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.