May 15, 2017 (Toronto, Ontario) – A settlement hearing in the matter of Leslie Marie Gilchrist (“Respondent”) was held on May 15, 2017 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following penalties and costs were imposed on the Respondent:
- a prohibition from acting in the capacity as a branch manager or supervisor while in the employ of or associated with any Member of the MFDA for a period of five (5) years commencing from the date of the Order;
- shall successfully complete the Branch Manager Course offered by the Canadian Securities Institute prior to being re-designated as a branch manager or supervisor in the future;
- a fine in the amount of $7,500;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between March 2014 and May 2015, she, obtained, possessed, and used to process transactions, three (3) pre-signed account forms in respect of two (2) clients, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Prince George, British Columbia 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.