MFDA Hearing Panel issues Reasons for Decision in the matter of Kenneth Power
February 15, 2018 (Toronto, Ontario) – A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated February 14, 2018 in connection with a settlement hearing held in Calgary, Alberta on November 9, 2017 in the matter of Kenneth Gerard Power (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $5,000;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated September 28, 2017, the Respondent admitted that:
- between May 2011 and August 2015, he altered ten account forms in respect of eight clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
- between April 2012 and August 2015, he obtained, possessed, and in some instances, used to process transactions, 13 pre-signed account forms in respect of six 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 Calgary, Alberta 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.