MFDA Hearing Panel issues Reasons for Decision in the matter of Michael O’Mara
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 Michael James O’Mara (“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 six months;
- has paid in the amount of $2,500 (“Costs”);
- has paid Costs to the MFDA in certified funds as follows:
- $1,000 (Costs) upon acceptance of the settlement agreement;
- $1,500 (Costs) on or before 30 days after the date of the Settlement Hearing; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated October 6, 2017, the Respondent admitted that:
- between November 2015 and December 2015, he signed the signature of three clients on five account forms, contrary to MFDA Rule 2.1.1;
- on May 25, 2016, he misled the Member during the course of its investigation into his conduct when he falsely denied that he had signed the signature of two clients on two account forms, contrary to MFDA Rule 2.1.1; and
- on August 17, 2016, he misled the MFDA during the course of its investigation into his conduct when he falsely denied that he had signed the signature of four clients on four account forms, 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 Settlement Agreement, the Respondent carried on business in the Windsor, 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.