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File No. 201772

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: Luke Victor Bedard

Order

(ARISING FROM SETTLEMENT HEARING ON DECEMBER 14, 2017)

WHEREAS on July 28, 2017, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Settlement Hearing pursuant to section 24.4 of By-law No. 1 in respect of Luke Victor Bedard (“Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated July 28, 2017 (“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:

  1. between January 2011 and May 2015, the Respondent falsified 65 client initials on account forms, in respect of 17 clients, and used the account forms to process transactions, contrary to MFDA Rule 2.1.1;
  2. between January 2011 and May 2015, the Respondent obtained, possessed and, in some instances, used to process transactions 248 pre-signed account forms in respect of 47 clients, contrary to MFDA Rule 2.1.1; and
  3. on September 4, 2015, the Respondent misled the MFDA during the course of a branch examination by stating that he does not have clients sign account forms before the forms are fully complete when he knew or ought to known that this was false, contrary to MFDA Rule 2.1.1;

IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:

  1. The Respondent shall pay a fine in the amount of $7,500 pursuant to s. 24.1.1(b) of MFDA By-law No. 1;
  1. The Respondent shall be suspended from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of 3 years, contrary to s. 24.1.1(c) of MFDA By-law No. 1;
  1. The Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-law No. 1;
  1. The Respondent shall in the future comply with MFDA Rule 2.1.1; and
  1. 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.

DATED: Dec 14, 2017

"Joan Smart"

Joan Smart

Chair


"Rob Christianson"

Rob Christianson

Industry Representative


"Robert J. Wright"

Robert J. Wright

Industry Representative


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