WHEREAS on August 11, 2020, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Settlement Hearing pursuant to section 24.4 of By-law No. 1 in respect of Gilles Perron (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated August 11, 2020 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to sections. 20 and 24.1 of By-law No. 1;
AND WHEREAS the Hearing Panel is of the opinion that:
- between May 2012 and June 2019, the Respondent obtained, possessed and, in some instances, used to process transactions, 77 pre-signed account forms in respect of 27 clients, contrary to MFDA Rule 2.1.1; and
- between December 2013 and June 2019, the Respondent altered and used to process transactions 24 account forms in respect of 17 clients by altering information on the account forms without having the clients 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 $20,000 pursuant to section. 24.1.1(b) of MFDA By-law No. 1;
- The Respondent shall pay costs of this proceeding in the amount of $2,500 pursuant to section. 24.2 of MFDA By-law No. 1; and
- The Respondent shall in the future comply with MFDA Rule 2.1.1.
Thomas J. LockwoodThomas J. LockwoodChair
Patrick GalarneauPatrick GalarneauIndustry Representative
Danielle TétraultDanielle TétraultIndustry Representative