December 6, 2016 (Toronto, Ontario) – A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision in connection with a settlement hearing held in Edmonton, Alberta on November 8, 2016 in the matter of Jacqueline Ann Meunier (“Meunier”) and Lori Gay Bandola (“Bandola”) (collectively the “Respondents”). The Reasons for Decision relate to the Hearing Panel’s acceptance of the settlement agreement (the “Settlement Agreement”) entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated December 5, 2016, the Hearing Panel confirmed the sanctions imposed on the Respondents:
- Meunier shall pay a fine in the amount of $8,500 upon acceptance of the Settlement Agreement;
- Bandola shall pay a fine in the amount of $5,000, payable as follows:
- $3,000 upon acceptance of the Settlement Agreement;
- $1,000 by no later than three months from the date of the settlement hearing; and
- $1,000 by no later than six months from the date of the settlement hearing;
- the Respondents shall jointly pay costs in the amount of $2,500;
- the Respondents shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondents admitted that:
- on or about October 19, 2011, Meunier altered and used to process a transaction, one client account form by altering information on the client account form without having the client initial the alteration, contrary to MFDA Rule 2.1.1;
- between May 8, 2012 and September 2, 2014, Meunier, or her assistant for whom she was responsible, obtained, possessed and used to process transactions, 29 pre-signed account forms in respect of 20 clients, contrary to MFDA Rule 2.1.1 and
- between February 3, 2014 and November 18, 2014, Bandola obtained, possessed and used to process transactions, 17 pre-signed account forms in respect of 10 clients, contrary to MFDA Rule 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondents carried on business in Edmonton, Alberta.
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.