WHEREAS on March 1, 2019, 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 Scott Allan George Boassaly (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated February 28, 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 the Respondent:
- between July 2015 and September 2015, the Respondent used liquid correction fluid on the signature of another Approved Person at the Member, affixed the Respondent’s own signature and representative code, and in some instances altered or added new dates, on 9 account forms that he submitted to the Member for processing, contrary to MFDA Rule 2.1.1;
- between July 2015 and September 2015, the Respondent obtained, possessed, or in some instances, used to process transactions, 11 pre-signed account forms in respect of 6 clients, contrary to MFDA Rule 2.1.1; and
- between December 2015 and April 2016, the Respondent altered, and used to process transactions, 6 account forms in respect of 4 clients by altering information on the account forms without having the client initial the alterations, 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 the amount of $12,500, pursuant to s. 24.1.1(b) of MFDA By-law No.1, in instalments as follows:
- $7,500 in certified funds upon acceptance of the Settlement Agreement;
- $833.33 in certified funds on or before April 30, 2019;
- $833.33 in certified funds on or before May 31, 2019;
- $833.33 in certified funds on or before June 28, 2019;
- $833.33 in certified funds on or before July 31, 2019;
- $833.33 in certified funds on or before August 30, 2019; and
- $833.33 in certified funds on or before September 30, 2019.
- 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.
Paul M. MoorePaul M. MooreChair
Guenther W. K. KlebergGuenther W. K. KlebergIndustry Representative
Brigitte J. GeislerBrigitte J. GeislerIndustry Representative