January 21, 2019 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Shaun David Collier (“Respondent”) by Notice of Hearing dated December 14, 2018.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing will take place on March 28, 2019, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard, in the hearing room at the offices of the MFDA, 121 King Street, Suite 1000, Toronto, Ontario.
The subject matter of the proposed settlement agreement concerns allegation that the Respondent:
- between March 2006 and February 2017, obtained, possessed, and in some instances, used to process transactions, 12 pre-signed account forms in respect of six clients, contrary to MFDA Rule 2.1.1;
- between September 2009 and May 2011, altered, and used to process transactions, seven account forms in respect of four clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
- on or about January 12, 2010, cut and pasted two client signatures from copies of account forms previously signed by two clients onto new account forms, and submitted the account forms for processing, contrary to MFDA Rule 2.1.1.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
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 82,000 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.