The subject matter of the proposed Settlement Agreement concerns matters for which the Respondent may be disciplined as an Approved Person of the MFDA, pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA.
- The proposed Settlement Agreement concerns allegations that:
- between October 4, 2013 and October 8, 2013, the Respondent provided a short term loan of $440,000 to a client, thereby giving rise to a conflict or potential conflict of interest between the Respondent and the client, which the Respondent failed to address by the exercise of reasonable business judgment, influenced only by the best interests of the client, contrary to MFDA Rule 2.1.4;
- between November 2012 and November 2015, the Respondent obtained, possessed, and in some instances, used to process transactions, 31 pre-signed account forms in respect of 18 clients, contrary to MFDA Rule 2.1.1; and
- between November 2014 and April 2015, the Respondent altered 4 account forms in respect of 2 clients by altering the date on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.
- MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure.
Sarah RickardSarah RickardDirector of Regional Councils
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9
E-mail: [email protected]