Order

WHEREAS on August 15, 2018, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of By-law No. 1 in respect of a disciplinary proceeding commenced against Saveth Law (the “Respondent”);

AND WHEREAS the Respondent did not attend the first appearance, despite being appropriately served with the Notice of Hearing in accordance with Rule 4.2 of the MFDA Rules of Procedure;

AND WHEREAS on February 5, 2019, the Hearing Panel conducted a hearing on the merits of this matter (“Hearing”);

AND WHEREAS the Respondent did not file a Reply in this proceeding; did not attend the Hearing; was not represented by counsel at the Hearing; and did not otherwise participate in the Hearing;

AND WHEREAS the Hearing Panel considered the evidence and submissions presented by Staff of the MFDA at the Hearing;

AND WHEREAS the Hearing Panel finds that:

1. In September 2016, the Respondent signed the initials of a client on an account form in order to change the client’s Know-Your-Client information without the client’s knowledge or approval, contrary to MFDA Rule 2.1.1; and
2. Commencing in May 2017, the Respondent failed to cooperate with an investigation conducted by MFDA Staff, contrary to section 22.1 of MFDA By-law No. 1.

IT IS HEREBY ORDERED THAT:

1. The Respondent is permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member, pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
2. The Respondent shall pay a fine in the amount of $50,000, pursuant to section 24.1.1(b) of By-law No. 1;
3. The Respondent shall pay costs in the amount of $7,500, pursuant to section 24.2 of By-law No. 1;
4. If at any time a non-party to this proceeding, with the exception of the bodies set out in section 23 of MFDA By-law No. 1, requests production of or access to exhibits in this proceeding that contain personal information as defined by the MFDA Privacy Policy, then the MFDA Corporate Secretary shall not provide copies of or access to the requested exhibits to the non-party without first redacting from them any and all personal information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure.