MFDA Hearing Panel issues Reasons for Decision in the matter of Jennifer Coward
July 20, 2018 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated July 20, 2018 in connection with a settlement hearing held in Toronto, Ontario held on March 29, 2018 in the matter of Jennifer Claire Coward (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of three months;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules, 1.1.2, 2.5.1, and 2.1.1.
In the Settlement Agreement dated October 3, 2017, the Respondent admitted that on or about January 21, 2016, she processed a redemption in a client account based upon email instructions received from a third party who had gained unlawful access to the client’s email, and subsequently misappropriated the proceeds of the redemption, thereby failing to comply with the Member’s policies and procedures which prohibited her from accepting trade instructions by email, contrary to MFDA Rules 1.1.2, 2.5.1 and 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 Settlement Agreement, the Respondent carried on business in the London, 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 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.