September 5, 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 September 4, 2018 in connection with a settlement hearing held in Toronto, Ontario on July 26, 2018 in the matter of Kathleen Louise Caswell (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of two months;
- shall pay a fine in the amount of $2,500; (“Fine”)
- shall pay costs in the amount of $2,500; (“Costs”)
- payment of the Fine and Costs shall be made to and received by MFDA Staff in certified funds as follows:
- $1,000 shall be paid upon acceptance of the Settlement Agreement;
- $400 on or before August 31, 2018;
- $400 on or before September 28, 2018;
- $400 on or before October 31, 2018;
- $400 on or before November 30, 2018;
- $400 on or before December 31, 2018;
- $400 on or before January 31, 2019;
- $400 on or before February 28, 2019;
- $400 on or before March 29, 2019;
- $400 on or before April 30, 2019;
- $400 on or before May 31, 2019;
- if she fails to make any of the payments described above then:
- any outstanding balance of the Fine and Costs shall immediately become due and payable to the MFDA;
- she shall continue to be prohibited from conducting securities related business while in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine and Costs owed is paid to the MFDA, pursuant to s. 24.3.13(c) of MFDA By-law No. 1; and
- shall in the future comply with MFDA Rule 2.1.1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Collingwood, Ontario.
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.