MFDA Hearing Panel issues Reasons for Decision in the matter of David Sedley
July 31, 2018 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated July 30, 2018 in connection with a settlement hearing held in Vancouver, British Columbia on July 9, 2018 in the matter of David Andrew Morin Sedley (“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 MFDA Member for a period of six months;
- has paid a fine in the amount of $2,500; and
- has paid costs in the amount of $2,500.
In the Settlement Agreement dated June 9, 2018, the Respondent admitted that between January 21, 2016 and September 3, 2016, he signed the signatures of two clients on two account forms and submitted the forms to the Member for processing, 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 Victoria, British Columbia 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.