MFDA Hearing Panel issues Reasons for Decision in the matter of Lexy Koss

July 17, 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 July 13, 2018 in connection with a settlement hearing held in Edmonton, Alberta on April 4, 2018 in the matter of Lexy Dawn Koss (“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;
• in the future shall comply with MFDA Rules 3.1, 2.1.1, 2.10 and 1.1.2.

In the Settlement Agreement dated March 27, 2018, the Respondent admitted that between May 24, 2016, and May 25, 2016, without the knowledge, authorization or approval of client DM, she processed unauthorized trades in client DM’s account, contrary to the policies and procedures of the Member and MFDA Rules 2.3.1, 2.1.1, 2.10 and 1.1.2.

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 Edmonton, Alberta.

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.