News Release

For immediate release
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For further information, please contact:

Charles Toth

Vice President, Enforcement

(416) 943-4619

ctoth@mfda.ca

MFDA Hearing Panel accepts settlement agreement with Carte Wealth Management Inc.

December 23, 2020 (Toronto, Ontario) – A settlement hearing in the matter of Carte Wealth Management Inc. (“Respondent”) was held by electronic hearing on December 22, 2020 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).

The Hearing Panel accepted the settlement agreement dated November 25, 2020 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:

  • a fine in the amount of $10,000;
  • costs in the amount of $5,000; and
  • shall in the future comply with MFDA Rule 3.1.1.

In the Settlement Agreement, the Respondent admitted that:

  1. between June 30, 2019 and December 31, 2019, it failed to maintain at all times a risk adjusted capital greater than zero, contrary to MFDA Rule 3.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement.

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 81,000 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.