March 30, 2021 (Toronto, Ontario) – A settlement hearing in the matter of Julio Rafael Moreno (“Respondent”) was held today by electronic hearing 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 February 3, 2021 (“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 $2,500; and
- shall in the future comply with MFDA Rule 2.1.1
In the Settlement Agreement, the Respondent admitted that:
- between April 26, 2014 and May 22, 2019, he obtained, possessed, and in some instances, used to process transactions, 21 pre-signed account forms in respect of 7 clients, contrary to MFDA Rule 1.1; and
- on May 24, 2013 and March 6, 2015, he altered and used to process transactions, 2 account forms in respect of 2 clients, by altering information on the account.
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 Respondent conducted business out of the Etobicoke, 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 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.