May 4, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Pierre George Louis Boucher (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed Settlement Agreement concerns the allegations that:
- between June 11, 2014 and March 9, 2015, the Respondent, or his assistant for whom he was responsible:
- photocopied the client signature page from a previously completed account form, attached it to a new account form, and used the form to process a transaction, contrary to MFDA Rule 2.1.1; and
- cut a client’s signature from a previously completed account form, pasted it onto a new account form, and used the form to process a transaction, contrary to MFDA Rule 2.1.1;
- between August 22, 2013 and May 22, 2015, the Respondent, or his assistant for whom he was responsible, altered information on 3 account forms in respect of 4 clients without having the clients initial the alterations, and used the account forms to process transactions, contrary to MFDA Rule 2.1.1; and
- between September 2010 and July 2015, the Respondent, or his assistant for whom he was responsible, obtained, possessed and, in some instances, used to process transactions, 27 pre-signed account forms in respect of 19 clients, contrary to MFDA Rule 2.1.1.
The settlement hearing is scheduled to take place on November 30, 2017, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held, in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent carried on business in the Ottawa, Ontario 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.
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