February 7, 2017 (Toronto, Ontario) – A settlement hearing in the matter of Mary Dee Happy Iturralde (the “Respondent”) was held on February 7, 2017 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel approved the settlement agreement (the “Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a suspension from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for 18 weeks commencing on the date of the Order;
- a fine in the amount of $10,000, payable in 10 monthly instalments of $1,000 each, commencing one month from the date of the Order;
- costs in the amount of $5,000; and
- shall in future comply with MFDA Rules 2.1.1, 2.1.4, 2.4.2, 2.5.1 and 1.1.2.
In the Settlement Agreement, the Respondent admitted that:
- in or about May 2013, she accepted a $20,000 bank draft from a client payable to the Respondent personally, and deposited the monies into the Respondent’s bank account, in order to facilitate the client’s investment in a discount travel ticket business, thereby engaging in conduct giving rise to a conflict or potential conflict of interest which the Respondent failed to address by exercise of responsible business judgment influenced only by the best interest of the client; and
- between December 2011 and April 2014, she authorized and/or permitted an individual to use her personal bank accounts and credit cards to operate a discount travel ticket business which was subsequently determined to be fraudulent, thereby engaging in conduct or practice which is unbecoming or detrimental to the public interest.
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.