April 30, 2019 (Toronto, Ontario) – A settlement hearing in the matter of Jovan Knezevic (“Respondent”) was held yesterday in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel approved the settlement agreement dated March 12, 2019 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $13,500, payable in installments as follows:
- $3,500 upon acceptance of the Settlement Agreement;
- $5,000 on or before May 31, 2019;
- $5,000 on or before June 28, 2019;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- between June 2009 and December 2015, he altered and, in some instances, used to process transactions, 29 account forms in respect of 18 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
- between January 2010 and March 2017, he obtained, possessed, and in some instances, used to process transactions, 16 pre-signed account forms in respect of 15 clients, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Toronto, 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 81,000 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.