March 7, 2018 (Toronto, Ontario) – A settlement hearing in the matter of Gregory William Shearing (“Respondent”) was held on March 7, 2018 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 approved the settlement agreement dated January 12, 2018 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $2,500 (“Fine”);
- costs in the amount of $2,500 (“Costs”);
- payment of the Fine and Costs shall be made to and received by MFDA Staff in certified funds as follows:
- $1,000 (Costs) shall be paid upon acceptance of the Settlement Agreement by the Hearing Panel;
- $1,000 (Costs) shall be paid on or before March 30, 2018;
- $1,000 (Costs and Fine) shall be paid on or before April 30, 2018;
- $1,000 (Fine) shall be paid on or before May 31, 2018;
- $1,000 (Fine) shall be paid on or before June 29, 2018;
- if the Respondent fails to make any of the payments described above then:
- any outstanding balance of the Fine and Costs owed shall immediately become due and payable to the MFDA; and
- he shall be prohibited from conducting securities related business in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine and Costs owed is paid to the MFDA.
In the Settlement Agreement, the Respondent admitted that between September 25, 2015 and February 27, 2017, he obtained, possessed, and in some instances, used to process transactions, 16 pre-signed account forms in respect of four 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 Vancouver, 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.