Order

WHEREAS on March 5, 2019, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Settlement Hearing in respect of David Edward Hucul (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated March 11, 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,

1. between December 19, 2016 and January 9, 2017, processed a redemption of $500,000 in a client’s account based upon email instructions received from a third party who had obtained unlawful access to a client’s email account and subsequently misappropriated the proceeds of the redemption, contrary to the policies and procedures of the Member and MFDA Rules 2.10, 1.1.2 and 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 of $10,000, in certified funds, pursuant to Section 24.1.1(b) of MFDA Bylaw No. 1;
2. the Respondent shall pay costs in the amount of $2,500, in certified funds, pursuant to section 24.2 of Bylaw No. 1; and
3. 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.