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Charles Toth

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ctoth@mfda.ca

MFDA Hearing Panel makes findings of misconduct and imposes sanctions against Helen Harry

January 11, 2021 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Decision and Reasons dated January 11, 2021 (“Decision and Reasons”) in connection with a disciplinary hearing held by electronic hearing in Toronto, Ontario on December 9, 2020, in the matter of Helen Catherine Harry (“Respondent”).

In its Decision and Reasons, the Hearing Panel outlined its findings of misconduct made against the Respondent. In particular, the Hearing Panel made the following findings:

Allegation #1: Between January 2009 and January 2019, the Respondent obtained, possessed, and in some instances, used to process transactions, 14 pre-signed account forms in respect of 5 clients, contrary to MFDA Rule 2.1.1.

Allegation #2: Between November 2013 and December 2018, the Respondent altered and used to process transactions, 18 account forms in respect of 18 clients, by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.

Allegation #3: Between January 13, 2011 and March 22, 2016, the Respondent cut and pasted 3 client signatures onto 2 new account forms, and submitted the account forms for processing, contrary to MFDA Rule 2.1.1.

In its Decision and Reasons, the Hearing Panel imposed the following sanctions on the Respondent:

  • a fine in the amount of $16,000; and
  • costs in the amount of $5,000.

A copy of the Decision and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons, the Respondent conducted business in the Stirling, 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.