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
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