News Release

For immediate release
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For further information, please contact:

Charles Toth

Vice President, Enforcement

(416) 943-4619

MFDA Hearing Panel accepts settlement agreement with Nancy Myers

December 8, 2021 (Toronto, Ontario) – A settlement hearing in the matter of Nancy Carol Myers (the “Respondent”) was held on December 7, 2021 by electronic hearing 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 October 26, 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 $27,000;
  • costs in the amount of $2,500;
  • shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an industry course acceptable to Staff of the MFDA, within 12 months of the acceptance of the Settlement Agreement; and
  • shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

  1. between February 25, 2015 and April 8, 2016, she photocopied signature pages from account forms that had been signed by clients and re-used the signature pages to complete 10 additional forms in respect of 4 clients, contrary to MFDA Rule 2.1.1;
  2. between January 7, 2014 and January 12, 2018, she altered and used to process transactions 8 account forms in respect of 7 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
  3. between January 21, 2013 and May 14, 2019, she obtained, possessed, and in some instances used to process transactions, 88 pre-signed account forms in respect of 36 clients, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at During the period described in the Settlement Agreement, the Respondent conducted business in the Grimsby, 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.