File No. 2018126
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: Shaun David Collier
(ARISING FROM SETTLEMENT HEARING ON MARCH 28, 2019)
WHEREAS on December 14, 2018, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to ss. 20 and 24 of By-law No. 1 in respect of Shaun David Collier (the “ Respondent” );
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated January 8, 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:
- between March 2006 and February 2017, the Respondent obtained, possessed, and in some instances, used to process transactions, 12 pre-signed account forms in respect of 6 clients, contrary to MFDA Rule 2.1.1;
- between September 2009 and May 2011, the Respondent altered, and used to process transactions, 7 account forms in respect of 4 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
- on or about January 12, 2010, the Respondent cut and pasted 2 client signatures from copies of account forms previously signed by 2 clients onto new account forms, and submitted the account forms for processing, 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 be prohibited from acting as a branch manager or in a supervisory position while in the employ of or associated with any Member of the MFDA for a period of 12 months, pursuant to s. 24.1.1(f) of MFDA By-law No. 1;
- The Respondent shall successfully complete the branch manager course offered by either the Canadian Securities Institute or the Investment Funds Institute of Canada prior to acting as a branch manager in the future, pursuant to s. 24.1.1(f) of MFDA By-law No. 1;
- The Respondent shall pay a fine in the amount of $13,000 in certified funds upon acceptance of the Settlement Agreement, pursuant to s. 24.1.1(b) of MFDA By-law No.1;
- The Respondent shall pay costs in the amount of $2,500 in certified funds upon acceptance of the Settlement Agreement, pursuant to s. 24.2 of MFDA By-law No.1;
- The Respondent shall in the future comply with MFDA Rule 2.1.1; and
DATED: Mar 28, 2019
"Paul M. Moore"
Paul M. Moore
"Guenther W. K. Kleberg"
Guenther W. K. Kleberg
"Brigitte J. Geisler"
Brigitte J. Geisler