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
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
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:
416-943-4672 or email@example.com