November 23, 2021 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Robert Earl Ledingham (the “Respondent”) by Notice of Hearing dated September 7, 2021.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will take place before a Hearing Panel of the MFDA’s Central Regional Council by electronic hearing on November 30, 2021, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held. Members of the public who would like to obtain particulars should contact firstname.lastname@example.org.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:
- between July 28, 2014 and January 15, 2019, photocopied signature pages from account forms that had been signed by clients and re-used the signature pages to complete 8 additional forms in respect of 3 clients, contrary to MFDA Rule 2.1.1;
- between April 26, 2012 and January 15, 2019, altered and used to process transactions 57 account forms in respect of 37 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
- between May 9, 2012 and March 11, 2019, obtained, possessed, and in some instances used to process transactions, 67 pre-signed account forms in respect of 43 clients, 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 80,000 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.