Notice of Settlement Hearing

NOTICE is hereby given that a hearing will be held before a hearing panel of the Prairie Regional Council (“Hearing Panel”) of the Mutual Fund Dealers Association of Canada (“MFDA”) in the hearing room at the Manitoba Securities Commission, 500-400 St. Mary Avenue, Winnipeg, Manitoba on July 9, 2019 at 10:00 a.m. (Central), or as soon thereafter as the matter can be heard, to consider whether, pursuant to section 24.4 of By-law No. 1 of the MFDA, the Hearing Panel should accept the settlement agreement (“Settlement Agreement”) entered into between Staff of the MFDA and Jake Florentino Cadigal (“Respondent”).

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.

PARTICULARS

1. The proposed Settlement Agreement concerns allegations that the Respondent:
   1. between March 2015 and October 2016, without the knowledge, authorization or approval of client LT, signed the signature of a client on account forms, thereby falsely representing that the client was aware of and had approved the content of the forms and authorized a redemption from the account when that was not the case, contrary to the policies and procedures of the Member and MFDA Rule 2.1.1; and
   2. between March 2015 and January 17, 2017, was aware that he had been named as Executor of the estate of a client in the client’s will which gave rise to a potential conflict of interest, that the Respondent failed to disclose to the Member or address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1.
2. 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.