MFDA Hearing Panel accepts Settlement Agreement with Jennifer Killins

TORONTO, Nov. 22, 2011 /CNW/ - A Settlement Hearing in the matter of Jennifer Killins (the "Respondent") was held yesterday in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council.

The Hearing Panel accepted the Settlement Agreement between the Respondent and MFDA Staff, as a consequence of which the Respondent has:

  • paid a $15,000 fine;
  • paid $5,000 in costs; and
  • been prohibited from conducting securities related business with an MFDA Member for a period of nine (9) months.

Under the terms of the Settlement Agreement, the Respondent also agreed to make efforts to obtain from third parties, and to provide to Staff, certain documents and information within 60 days, failing which an additional fine of $35,000 will be imposed and she will be permanently prohibited from conducting securities related business with an MFDA Member.

In the Settlement Agreement, the Respondent admitted that:

  • between October 2007 and June 2009, she engaged in personal financial dealings with client RZ by soliciting and accepting monies from RZ on at least seven occasions in the amount of $97,966.22 to be invested on behalf of client RZ in a company owned and controlled by the Respondent, thereby giving rise to an actual or potential conflict of interest between the Respondent and RZ which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of client RZ, contrary to MFDA Rules 2.1.4 and 2.1.1; and
  • commencing on January 22, 2010, failed or refused to provide documents and information requested by MFDA Staff in the course of an investigation, which information she undertook and agreed to provide during the course of an interview with MFDA Staff, contrary to s. 22.1 of MFDA By-law No. 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 130 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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