December 11, 2017 (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 in connection with a settlement hearing held in Toronto, Ontario on October 26, 2017 in the matter of Patricia Lee Wilson (“Respondent”).
In its Reasons for Decision dated December 8, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- shall pay a fine in the amount of $5,000 (“Fine);
- has paid costs in the amount of $2,500 (“Costs”);
- the Fine and Costs shall be paid in certified funds as follows:
- $2,500 (Costs) payable upon entering into the Settlement Agreement;
- $1000 on the last business day of November 2017;
- $1000 on the last business day of December 2017;
- $1000 on the last business day of January 2018;
- $1000 on the last business day of February 2018; and
- $1000 on the last business day of March 2018;
- if the Respondent fails to make any of the payments described above, any outstanding balance of the Fine shall become immediately due and payable to the MFDA and she shall be immediately suspended from conducting securities related business while in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine owed is paid to the MFDA; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated April 13, 2017, the Respondent admitted that between February 2014 and November 2015, she obtained, possessed and, in some instances, used to process transactions, 17 pre-signed account forms in respect of nine (9) 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 Respondent carried on business in the Hamilton, 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.