news-banner

MFDA Notice of Settlement Hearing

View and Download English PDF
Home › Notice of Settlement Hearing 201529 - RE: Wellman, Michael


Notice of Settlement Hearing
File No. 201529



IN THE MATTER OF A SETTLEMENT HEARING
PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF
THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA


Re: Murray Harold Wellman and Michael John Wellman




NOTICE OF SETTLEMENT HEARING

NOTICE is hereby given that a hearing will be held before a hearing panel of the Central
Regional Council (the “Hearing Panel”) of the Mutual Fund Dealers Association of Canada (the
“MFDA”) in the MFDA offices located at 121 King Street West, Suite 1000, Toronto, Ontario
on October 29, 2015 at 10:00 a.m. (Eastern), or as soon thereafter as the hearing can be held, to
consider whether, pursuant to section 24.4 of By-law No. 1 of the MFDA, the Hearing Panel
should accept the settlement agreement (the “Settlement Agreement”) entered into between Staff
of the MFDA and Murray Harold Wellman and Michael John Wellman (the “Respondents”).

The subject matter of the proposed Settlement Agreement concerns matters for which the
Respondents may be disciplined as Approved Persons of the MFDA, pursuant to ss. 20 and
24.1.1 of By-law No. 1 of the MFDA.

Page 1 of 2

PARTICULARS

1.
The Settlement Agreement concerns allegations that, (i) between about April 2011 and
October 2013, the Respondents altered the risk tolerances, investment objectives or investment
instructions that were recorded on seven (7) account forms in respect of six (6) clients; (ii)
between about January 2011 and April 2013, the Respondents obtained, maintained and, in some
instances, used to process trades, 29 pre-signed account forms and one (1) pre-signed cheque in
respect of 16 clients; and (iii) on February 21, 2013, the Respondents processed a trade in a
client account without documenting the client’s authorization of the trade, contrary to MFDA
Rule 2.1.1.

2.
The hearing is open to the public, unless and to the extent that the Hearing Panel
determines that all or part of the hearing should proceed in the absence of the public. If the
Hearing Panel accepts the Settlement Agreement, then copies of the decision of the Hearing
Panel and the Settlement Agreement will be made available to the public.

DATED this 11th day of August, 2015.

“Sarah Rickard”

Sarah Rickard
Director of Regional Councils

Mutual Fund Dealers Association of Canada
121 King Street West, Suite 1000
Toronto, ON M5H 3T9
Telephone: 416-943-5143
Facsimile: 416-361-9781
Email: corporatesecretary@mfda.ca

DM 440397 v2

Page 2 of 2