TORONTO, Oct. 23, 2013 /CNW/ - A Settlement Hearing in the matter Arron John Appleton (the
"Respondent") was held today 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 $2,500 and $2,500 in costs.
In the Settlement Agreement, the Respondent admitted that between March
28, 2006 and May 15, 2012, he obtained, maintained and/or used
approximately 24 account forms in 8 client accounts where the account
forms were signed by the clients when the account forms were blank or
only partially complete, contained photocopies of client signatures, or
were altered with correction fluid after the client had signed the
account form without any evidence of client approval of the changes to
the account form, contrary to MFDA Rule 2.1.1.
The Hearing Panel advised that it will issue written reasons for its
decision in due course. A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca.
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 Canada
For further information:
Managing Director, Enforcement