February 8, 2018 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated February 7, 2018 in connection with a settlement hearing held in Toronto, Ontario on December 14, 2017 in the matter of Luke Victor Bedard (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely:
- a suspension from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of three years;
- has paid a fine in the amount of $7,500;
- has paid costs in the amount of $2,500; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated July 28, 2017, the Respondent admitted that:
- between January 2011 and May 2015, he falsified 65 client initials on account forms, in respect of 17 clients, and used the account forms to process transactions, contrary to MFDA Rule 2.1.1;
- between January 2011 and May 2015, he obtained, possessed and, in some instances, used to process transactions, 248 pre-signed account forms in respect of 47 clients, contrary to MFDA Rule 2.1.1; and
- on September 4, 2015, he misled MFDA Staff during the course of a compliance examination by stating that he does not have clients sign account forms before the forms are fully complete when he knew or ought to have known that this was false, contrary to MFDA Rule 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Cornwall, 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 83,000 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.