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MFDA Hearing Panel issues Reasons for Decision in the matter of Daniel MacWhirter
2016 (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 November 26, 2015 in the matter of Daniel MacWhirter (the “Respondent”). The Reasons for Decision relate to the Hearing Panel’s acceptance of the settlement agreement (the “Settlement Agreement”) entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated February 19, 2016, the Hearing Panel confirmed the following sanctions imposed on the Respondent:
• a fine in the amount of $12,500;
• costs in the amount of $2,500; and
• shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between December 2010 and March 2013, he obtained and possessed 11 pre-signed forms with respect to 11 clients and, between December 2010 and May 2014, he mislead the Member by affirming that he did not obtain or possess any pre-signed forms when completing the Member’s Annual Attestations for Approved Persons.
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 Kingston, 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 99 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.
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