November 30, 2016 (Toronto, Ontario) – A settlement hearing in the matter of Garth Adrian Plunkett (the “Respondent”) was held on November 29, 2106 in Calgary, Alberta before a three-person Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement (the “Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- has paid a fine in the amount of $11,250;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) between May 13, 2011 and April 11, 2014, he altered and used to process transactions, three (3) client account forms with respect to 3 clients, without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
b) between February 22, 2007 and June 27, 2013, he, or his assistant for whom he was responsible, obtained, possessed and used to process transactions, 33 pre-signed account forms in respect of 26 clients, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Calgary, Alberta area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.