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 announces sanctions against Edward MacDermaid and issues Decision and Reasons

October 5, 2021 (Toronto, Ontario) – A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Decision (Penalty) and Reasons dated October 4, 2021 (“Decision and Reasons”), in connection with a disciplinary hearing held by electronic hearing in Bathurst, New Brunswick, on September 8, 2021, in the matter of Edward Henry MacDermaid (“Respondent”).

As previously announced, the Hearing Panel made the following findings of misconduct against the Respondent:

  1. Between December 15, 2014 and October 25, 2019, the Respondent photocopied signature pages from account forms that had been signed by clients and re-used the signature pages to complete 48 additional forms in respect of 18 clients, contrary to MFDA Rule 2.1.1.
  2. Between February 29, 2018 and March 22, 2018, the Respondent altered and used to process transactions 2 account forms in respect of 2 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
  3. Between March 2, 2015 and August 24, 2017, the Respondent obtained, possessed, and used to process transactions, 6 pre-signed account forms in respect of 4 clients, contrary to MFDA Rule 2.1.1.

At the hearing on September 8, 2021, the parties made submissions with respect to penalty and the Hearing Panel reserved its decision. In its Decision and Reasons, the Hearing Panel has imposed the following sanctions on the Respondent:

  • a suspension from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of two years, which suspension has already been enforced;
  • a fine in the amount of $5,000; and
  • costs in the amount of $5,000.

A copy of the Decision (Penalty) and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision (Penalty) and Reasons, the Respondent conducted business in the Bathurst, New Brunswick 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.