April 5, 2018 (Toronto, Ontario) – A settlement hearing in the matter of Lexy Dawn Koss (“Respondent”) was held yesterday in Edmonton, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel approved the settlement agreement dated March 27, 2018 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $5,000;
- costs in the amount of $2,500;
- in the future shall comply with MFDA Rules 3.1, 2.1.1, 2.10 and 1.1.2.
In the Settlement Agreement, the Respondent admitted that between May 24, 2016, and May 25, 2016, without the knowledge, authorization or approval of client DM, she processed unauthorized trades in client DM’s account, contrary to the policies and procedures of the Member and MFDA Rules 2.3.1, 2.1.1, 2.10 and 1.1.2.
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.