July 26, 2019 (Toronto, Ontario) – A settlement hearing in the matter of Bertin Desjardins (“Respondent”) was held today in Charlottetown, Prince Edward Island before a three-member Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel approved the settlement agreement dated July 15, 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 prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of nine months;
- costs in the amount of $2,500, payable upon acceptance of the Settlement Agreement; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that,
- between March 2014 and November 2016, he obtained, possessed and, in some instances, used to process transactions, 51 pre-signed account forms in respect of 13 clients, contrary to MFDA Rule 2.1.1; and
- between March 2014 and November 2016, he altered seven account forms in respect of two clients by using liquid correction fluid to alter information on the account forms without having the client initial the alterations, 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 and around Charlottetown, Prince Edward Island.
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.