November 10, 2021 (Toronto, Ontario) – A settlement hearing in the matter of Ronald Richard Armstrong (the “Respondent”) was held on November 8, 2021 by electronic hearing in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement dated October 1, 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 $12,000;
- 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 March 2017 and January 2019, he photocopied signature pages from account forms that had previously been signed by clients and re-used the signature pages to complete 5 new account forms in respect of 4 clients, contrary to MFDA Rule 2.1.1; and
- on June 15, 2018, he altered and used to process a transaction 1 account form in respect of 1 client by altering information on the account form without having the client initial the alteration, contrary to MFDA Rule 2.1.1.
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 Respondent conducted business in the Kamloops, British Columbia 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.