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IN THE MATTER OF A SETTLEMENT HEARING PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA

Re: Jennifer Ajin

Heard: February 17, 2022, in Halifax, Nova Scotia (via videoconference)
Reasons For Decision: November 14, 2023

Reasons For Decision

Nova Scotia District Hearing Committee:

  • George MacDonald, K.C., Chair
  • Ann C. Etter, Industry Representative
  • Joshua Martin, Industry Representative

Appearances:

Michael A. M. Mantle, Enforcement Counsel for CIRO
Jennifer Ajin (present)

I. INTRODUCTION

  1. The Hearing of this matter was to determine if the Panel members would accept the settlement agreement dated December 3, 2021 reached between the MFDA and the Respondent, Jennifer Ajin (“Settlement Agreement”). A copy of the Settlement Agreement is attached to these Reasons as Schedule “1”. The agreed facts are set out in Part III of the Settlement Agreement.

II. CONTRAVENTIONS

  1. The Respondent admits that:

    Between August 2019 and November 2019, the Respondent cut and pasted client signatures from copies of account forms previously signed by three clients onto four new account forms, and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1.

III. PROPOSED SANCTIONS

  1. The Settlement Agreement provides that:
    1. the Respondent shall pay a fine in the amount of $12,500 in certified funds upon acceptance of the Settlement Agreement, pursuant to s. 24.1.1(b) of MFDA By-law No. 1;
    2. the Respondent shall pay costs in the amount of $2,500 in certified funds upon acceptance of the Settlement Agreement, pursuant to s. 24.2 of MFDA By-law No. 1;
    3. the Respondent shall in the future comply with MFDA Rule 2.1.1.

IV. CONSIDERATIONS

  1. The provisions of the Settlement Agreement were referred to by MFDA Staff and the Respondent during the respective comments they made to the Panel during the electronic Settlement Hearing on February 17, 2022. Both confirmed their beliefs that the terms of the Settlement Agreement accurately reflected the facts as stated and that they consented to the making of an Order whereby the Respondent is to pay a fine of $12,500, and costs of $2500.

V. CONCLUSION

  1. The Panel considers the terms of the Settlement Agreement to be reasonable and orders that the Settlement Agreement be executed by MFDA Staff and the Respondent, and that such executed Order be dealt with by MFDA Staff in the usual fashion.
  • George MacDonald, K.C.
    George MacDonald, K.C.
    Chair
  • Ann C. Etter
    Ann C. Etter
    Industry Representative
  • Joshua Martin
    Joshua Martin
    Industry Representative