Notice of Settlement Hearing

NOTICE is hereby given that an electronic hearing will be held before a hearing panel of the Central Regional Council (“Hearing Panel”) of the Mutual Fund Dealers Association of Canada (“MFDA”) on January 6, 2021, at 10:00 a.m. (Eastern), or as soon thereafter as the hearing can be held, to consider whether, pursuant to section 24.4 of By-law No. 1 of the MFDA, the Hearing Panel should accept the settlement agreement (the “Settlement Agreement”) entered into between Staff of the MFDA and Scott Elliott Sherman (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.

PARTICULARS

1. The proposed Settlement Agreement concerns allegations that the Respondent:
   1. between December 8, 2015 and August 31, 2018, altered, and used to process transactions, 11 account forms in respect of 9 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1;
   2. between June 15, 2015 and February 26, 2019, obtained, possessed, and, in some instances used to process transactions, 49 pre-signed account forms in respect of 28 clients, contrary to MFDA Rule 2.1.1; and
   3. between December 17, 2015 and January 7, 2016, photocopied a client account form that had been signed by 2 clients and altered the form to complete 4 additional transactions, contrary to MFDA Rule 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.