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MFDA Case Summary

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Home › Case Summary 201543 - RE: Aleshka, Adam


CASE SUMMARY # 201543
March 28, 2016

MFDA Case Summary
Enforcement

This case summary was prepared by Staff of the MFDA.

Hearing Panel Imposes Penalties on Adam Alexander Aleshka

Adam Alexander Aleshka (the “Respondent”) has been registered as a mutual fund salesperson
with Sterling Mutuals Inc. (“Sterling”) since January 16, 2004. The Respondent entered into a
Settlement Agreement with Staff of the MFDA on October 5, 2015.

In the Settlement Agreement the Respondent admitted that on approximately 28 occasions
between February 20, 2012 and February 16, 2014, in respect of 14 client accounts, he took one
of the following actions: (a) obtained an executed account transfer form from a client that was
not fully completed; (b) corrected information on a client account form that had already been
executed; or (c) used a photocopy of an account transfer form completed by a client in respect of
the account to process a transfer to another account. The Respondent also admitted that on one
occasion during the same period he inserted information provided by a client in respect of an
RESP withdrawal form, after the client had signed the partially completed form.

Sterling issued a letter of reprimand against the Respondent and placed him under strict
supervision. Sterling is also charging the Respondent a 5% fee on his commissions to cover the
costs of the strict supervision, which was to end at the conclusion of MFDA Staff’s proceedings
against the Respondent. The Respondent had already paid $19,244.21 in these fees at the time of
the hearing against him. The Hearing Panel determined that the Respondent’s conduct was
contrary to MFDA Rule 2.1.1(c), and imposed the following penalties on him: (i) a fine of
$5,000; (ii) costs of $2,500; and (iii) a commitment to comply with MFDA Rule 2.1.1(c) in the
future.

NOTICE: This case summary has been prepared by Staff of the MFDA, based upon the previously published
Decision and Reasons of an MFDA Hearing Panel presiding over this matter. Every effort is made to ensure that this
case summary accurately reflects the content of the Decision and Reasons. However, where there is a discrepancy
between this case summary and the Decision and Reasons, the Decision and Reasons will prevail.

DM #474059