WHEREAS on December 14, 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 Kimberly Ann Ryan (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated December 12, 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:
- between January 5, 2012 and February 8, 2015, obtained, possessed, and used to process transactions, 2 pre-signed account forms in respect of 3 clients, contrary to MFDA Rule 2.1.1;
- between December 3, 2012 and March 23, 2016, altered and used to process transactions, 18 account forms in respect of 15 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 February 26, 2015, attached the signature page of an account form previously signed by a client to a new account form to process a transaction, 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 amount of $15,000, pursuant to s. 24.1.1(b) of MFDA By-law No. 1, in instalments as follows:
- $2,500, in certified funds, upon acceptance of the Settlement Agreement;
- $2,083.35, in certified funds, on or before February 28, 2019;
- $2,083.33, in certified funds, on or before March 29, 2019;
- $2,083.33, in certified funds, on or before April 30, 2019;
- $2,083.33, in certified funds, on or before May 31, 2019;
- $2,083.33, in certified funds, on or before June 28, 2019; and
- $2,083.33, in certified funds, on or before July 31, 2019.
- The Respondent shall pay costs in the amount of $2,500, in certified funds, pursuant to s. 24.2 of MFDA By-law No. 1.
- The Respondent shall in the future comply with MFDA Rules 2.1.1.
Joan SmartJoan SmartChair
Edward V. JacksonEdward V. JacksonIndustry Representative
Guenther W.K. KlebergGuenther W.K. KlebergIndustry Representative