September 26, 2022 (Toronto, Ontario) – A settlement hearing in the matter of Sandra Rizovska-Spasik (the “Respondent”) was held electronically by videoconference on September 22, 2022 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 accepted the settlement agreement dated August 11, 2022 (the “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 $13,000 (“Fine”);
- costs in the amount of $2,500 (“Costs”);
- payment of the Fine and Costs shall be made in instalments as follows:
- $8,000 (Fine) on September 22, 2022;
- $2,500 (Costs) on September 22, 2022;
- $1,000 (Fine) on or before September 30, 2022;
- $2,000 (Fine) on or before October 31, 2022;
- $2,000 (Fine) on or before November 30, 2022; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between August 6, 2020 and November 9, 2020, she cut and pasted client signatures from copies of account forms previously signed by clients on 4 new account forms, and submitted the account forms to the Member for processing, 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 carried on business in the Kitchener, 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 76,695 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.