NOTICE is hereby given that a hearing will be held before a hearing panel of the Central Regional Council (“Hearing Panel”) of the Mutual Fund Dealers Association of Canada (“MFDA”) in the hearing room at the offices of the MFDA, 121 King Street West, Suite 1000, Toronto, Ontario on April 9, 2020 at 10:00 a.m. (Eastern), 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 Adrian George Botescu (the “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 sections 20 and 24.1.1 of By-law No. 1 of the MFDA.
- The proposed Settlement Agreement concerns allegations that the Respondent:
- on or about May 17, 2018, in response to a supervisory inquiry from the Respondent’s branch manager regarding the suitability of a client’s investment holdings, altered a client’s investment objective on a Know-Your-Client account form without having met or discussed the information with the client, and also signed the client’s signature and initials on the account form, contrary to MFDA Rules 2.2.1 and 2.1.1;
- on or about May 17, 2018, created two meeting notes that falsely stated that the Respondent had met with a client to approve changes to the client’s KYC information, when the Respondent had not met with the client, and also signed the client’s initials on the meeting notes, contrary to MFDA Rule 2.1.1; and
- on or about May 25, 2018, misled the Member during the course of its investigation into his conduct, when the Respondent falsely represented to the Member that he had met with a client to approve changes to the client’s KYC information, 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.
Michelle PongMichelle PongDirector, Regional Councils
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9
E-mail: [email protected]