MFDA announces settlement hearing to take place in respect of Serge Robichaud
August 15, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Serge Luc Robichaud (“Respondent”) by Notice of Hearing dated November 15, 2017.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing in this matter will take place on August 16, 2018, commencing at 10:00 a.m. (Atlantic), or as soon thereafter as the matter can be heard, in the hearing room at the Delta Beauséjour, located at 750 Main Street, Moncton, New Brunswick.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:
- between January and April 2015, entered into a referral arrangement with a third party, referred at least 11 clients to the third party and received compensation from the third party, all of which occurred outside the facilities of the Member, thereby engaging in conduct contrary to the Member’s policies and procedures, MFDA Rules 1.1.2, 2.5.1, 2.4.2, and 2.1.1, and sections 13.7 and 13.8 of National Instrument 31-103
- between about June 2015 and January 2016, provided false or misleading statements to a Member during the course of its investigation into his conduct, thereby interfering with the Member’s ability to supervise and investigate the Respondent’s conduct, and to MFDA Staff during the course of its investigation into his conduct, contrary to MFDA Rule 2.1.1; and
- between about September 2010 and August 6, 2015, obtained and maintained 22 blank or partially completed pre-signed account forms in respect of seven clients, contrary to the Member’s policies and procedures and MFDA Rules 1.1.2, 2.5.1 and 2.1.1.
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 Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in Dieppe, New Brunswick.
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 82,000 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.