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.
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]
- The proposed settlement concerns the allegations that:
- on June 2, 2016, the Respondent falsified four (4) client signatures or client initials on two (2) account forms in respect of one (1) client, contrary to MFDA Rule 2.1.1;
- on June 2, 2016, the Respondent opened a client account and processed a transaction without client authorization, contrary to MFDA Rules 2.3.1 and 2.1.1;
- between June 6, 2016 and July 18, 2016, the Respondent failed to report a complaint to the Member, contrary to the Member’s policies and procedures and MFDA Policy No. 6 and MFDA Rule 2.1.1;
- between about June 6, 2016 and June 22, 2016, the Respondent attempted to pay compensation directly to a client to settle the client’s complaint, without obtaining prior consent of the Member, contrary to the Member’s policies and procedures, and MFDA Policy No. 3 and MFDA Rule 2.1.1;
- between June 30, 2016 and July 19, 2016, the Respondent misled the Member during the course of its investigation into his conduct, thereby interfering with the Member’s ability to supervise the Respondent, contrary to MFDA Rule 2.1.1 and
- between June 3, 2016 and July 19, 2016, the Respondent misled the client with respect to the processing of an unauthorized transaction, 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.