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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: Cristina Cruz

Order

(ARISING FROM SETTLEMENT HEARING ON JANUARY 21, 2019)

WHEREAS on November 27, 2018, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Settlement Hearing pursuant to section 24.4 of By-law No. 1 in respect of Cristina Cruz (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated December 4, 2018, (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:

  1. between November 2011 and March 2016, obtained, possessed, and used to process transactions, 12 pre-signed account forms in respect of 11 clients, contrary to MFDA Rule 2.1.1; and
  2. between June 2013 and March 2017, altered and used to process transactions, nine account forms in respect of eight clients, by altering the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
  3. in July 2015, photocopied the signature page from an account form that had been signed by the client and re-used the signature page to complete an additional form, 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 $12,500, pursuant to section 24.1.1(b) of By-law No. 1;
  2. The Respondent shall pay costs in the amount of $2,500, pursuant to section 24.2 of By-law No. 1;
  3. The Respondent shall in the future comply with MFDA Rules 2.1.1; and
  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.
  • Shelley L. Miller
    Shelley L. Miller
    Chair
  • Howard Mix
    Howard Mix
    Industry Representative
  • Greg Wiebe
    Greg Wiebe
    Industry Representative

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