February 18, 2021 (Toronto, Ontario) – A settlement hearing in the matter of Cindy Lorrainne Makonin (“Respondent”) was held by electronic hearing on February 17, 2021, before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement dated December 8, 2020, (“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 or associated with any Member of the MFDA for a period of five months;
- a fine in the amount of $7,500; and
- costs in the amount of $2,500.
In the Settlement Agreement, the Respondent admitted that:
- between September 2014 and February 2018, she copied and pasted the signatures of 4 clients from account forms previously signed by the clients onto 11 new account forms, contrary to MFDA Rule 2.1.1.; and
- in December 2015, she obtained, possessed, and in some instances, used to process transactions, 9 pre-signed account forms in respect of one client, 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 out of the Chilliwack, British Columbia 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.