August 15, 2022 (Toronto, Ontario) – A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (the “MFDA”) has issued its Reasons for Decision dated July 21, 2022 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Calgary, Alberta on May 16, 2022, in the matter of Adele Harumi Hamer (the “Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been permanently prohibited from acting as a branch manager or in any supervisory capacity for a Member of the MFDA;
- has been prohibited from conducting securities related business in any capacity while in the employ of or in association with a Member of the MFDA for one month, commencing May 17, 2022;
- a fine in the amount of $12,500, payable in instalments as follows:
- has paid $7,500 on May 16, 2022;
- has paid $833.33 on June 30, 2022;
- has paid $833.33 on July 29, 2022;
- $833.33 on or before August 31, 2022;
- $833.33 on or before September 30, 2022;
- $833.33 on or before October 31, 2022;
- $833.35 on or before November 30, 2022;
- has paid costs of $2,500;
- shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an ethics course acceptable to Staff of the MFDA, prior to becoming re-registered as a dealing representative with a Member of the MFDA; and
- shall in the future comply with MFDA Rule 2.1.1.
A copy of the Reasons for Decision is 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 80,000 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.