MFDA Hearing Panel accepts Settlement Agreement with Brian Poncelet
TORONTO, Oct. 24, 2013 /CNW/ - A Settlement Hearing in the matter Brian Louis Poncelet (the "Respondent") was held yesterday in Toronto, Ontario before a three-person 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 of $3,500 and $2,500 in costs. In the Settlement Agreement, the Respondent admitted that:
|a)||between January 5, 2010 and March 5, 2012, he obtained and maintained approximately 44 blank pre-signed forms bearing signatures of 18 different clients, contrary to MFDA Rule 2.1.1; and|
|b)||between January 5, 2010 and August 14, 2011, used 11 forms associated with the investment accounts of 6 different clients to process transactions, that were either:|
|(i)||signed by clients prior to the completion of the forms; or|
|(ii)||altered in content after being signed without evidence of client consent to the changes made to the forms after the forms were signed;|
|for the purpose of processing trades or updating client KYC information for the 6 clients, 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 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of CanadaFor further information:
Managing Director, Enforcement