MFDA Hearing Panel accepts Settlement Agreement with Michel Landry
TORONTO, Aug. 22, 2012 /CNW/ - A Settlement Hearing in the matter of Michel Joseph Landry (the "Respondent") was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which:
the Respondent has paid a fine in the amount of $20,000;
the Respondent has paid costs in the amount of $5,000;
- the Respondent shall write or re-write and pass an appropriate industry course acceptable to MFDA Staff, prior to being registered in the mutual fund industry, pursuant to s. 24.1.1(f) of MFDA By-law No. 1.
In the Settlement Agreement, the Respondent admitted that between at least March 1, 2008 and September 30, 2010, he obtained and/or maintained 33 pre-signed forms in respect of 22 different client accounts and used the forms to process redemptions in the accounts on or about 7 occasions, contrary to MFDA Rule 2.1.1.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 121 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of CanadaFor further information:
416-943-4672 or email@example.com