WHEREAS on April 2, 2019, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a News Release announcing that it proposes to hold a hearing to consider whether, pursuant to section 24.4 of By-law No. 1, a hearing panel of the Central Regional Council (“Hearing Panel”) of MFDA should accept the settlement agreement entered into between Staff of the MFDA (“Staff”) and the Respondent, Jovan Knezevic (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated March 12, 2019 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law No. 1;
AND WHEREAS the Hearing Panel is of the opinion that the Respondent:
- between June 2009 and December 2015, altered and, in some instances, used to process transactions, 29 account forms in respect of 18 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
- between January 2010 and March 2017, obtained, possessed, and in some instances, used to process transactions, 16 pre-signed account forms in respect of 15 clients, contrary to MFDA Rule 2.1.1.
IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:
- The Respondent shall pay a fine in the amount of $13,500, pursuant to section 24.1.1(b) of By-law No. 1, in installments as follows:
- $3,500 in certified funds upon acceptance of the Settlement Agreement;
- $5,000 in certified funds on or before May 31, 2019; and
- $5,000 in certified funds on or before June 28, 2019.
- The Respondent shall pay costs in the amount of $2,500 in certified funds upon acceptance of this Settlement Agreement, pursuant to section 24.2 of By-law No. 1;
- The Respondent shall in the future comply with MFDA Rule 2.1.1; and
Joan SmartJoan SmartChair
Paige WaddenPaige WaddenIndustry Representative
Selwyn KossuthSelwyn KossuthIndustry Representative