February 28, 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 27, 2018 in connection with a settlement hearing held in Toronto, Ontario on January 25, 2018 in the matter of Judith Rosemary Aitken (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely:
- a fine in the amount of $4,500;
- costs in the amount of $2,500;
- a prohibition from acting as a branch manager for a period of three months; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated September 12, 2017, the Respondent admitted that on November 17, 2015, she cut and pasted a client signature from an account form previously signed by a client onto a new account form, and used the new account form to process a transaction, 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 Burlington, 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.