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MFDA Hearing Panel issues Reasons for Decision in the matter of Jose Coelho
April 25, 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 January 28, 2016 in the matter of Jose Coelho (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 April 25, 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 future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between August 2006 and September 2013, he obtained, possessed, and in some instances, used to process transactions, 49 pre-signed blank forms in respect of 27 clients, and, obtained, altered and used to process transactions, six (6) client account forms in respect of seven (7) 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 Waterloo, 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 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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