MFDA Hearing Panel accepts Settlement Agreement with Gillian Gibson-Sargeant

TORONTO, April 21 /CNW/ - A Settlement Hearing in the matter of Gillian Ann Gibson-Sargeant (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 been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member, pursuant to s. 24.1.1(e) of MFDA By-law No. 1.

In the Settlement Agreement, the Respondent admitted that between September and October 2007 she processed three redemptions in two client accounts without obtaining instructions, authorization or approval from the clients and directed the proceeds of the redemptions in the approximate amount of $10,000 into her own bank account, thereby misappropriating the monies and failing to deal fairly, honestly and in good faith with the clients, 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 136 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.


SOURCE Mutual Fund Dealers Association of Canada

For further information:

Shaun Devlin
Vice-President, Enforcement
416-943-4672 or sdevlin@mfda.ca


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