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HomeCompleted Hearings201964 - Sean William Kent Parlee › Order201964

File No. 201964

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: Sean William Kent Parlee

Order

(ARISING FROM SETTLEMENT HEARING ON NOVEMBER 12, 2019)

WHEREAS on October 15, 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 Sean William Kent Parlee (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated October 15, 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 finds that:

  1. between December 2015 and November 2018, the Respondent obtained, possessed, and used to process transactions, 110 pre-signed account forms in respect of 35 clients, contrary to the Member’s policies and procedures relating to pre-signed forms and transfer-in accounts and MFDA Rules 1.1.2, 2.1.1 and 2.5.1.

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 $22,500 in certified funds upon acceptance of the Settlement Agreement, pursuant to section 24.1.1(b) of By-law No. 1;
  2. The Respondent shall pay costs in the amount of $2,500 in certified funds upon acceptance of the Settlement Agreement, pursuant to section 24.2 of By-law No. 1;
  3. The Respondent shall in the future comply with MFDA Rules 1.1.2, 2.1.1 and 2.5.1; 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.

DATED: Nov 12, 2019

"Shelley L. Miller"

Shelley L. Miller

Chair


"Kathleen Jost"

Kathleen Jost

Industry Representative


"Richard Sydenham"

Richard Sydenham

Industry Representative


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