TORONTO, Dec. 10, 2013 /CNW/ - A Settlement Hearing in the matter
Michael Christopher McKale (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 $5,000 and $2,500 in costs. In the Settlement Agreement, the
Respondent admitted that between June 2006 and July 2012, he obtained
and maintained 39 pre-signed forms for eight clients and used
pre-signed forms to process transactions in client accounts, thereby:
a) engaging in conduct unbecoming an Approved Person, contrary to MFDA
Rule 2.1.1 (c); and
b) failing to comply with the Member's policies and procedures, contrary
to MFDA Rules 1.1.2 and 2.5.1 and 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 113 Members and their approximately 80,000 Approved
Persons with a mandate to protect investors and the public interest.
For more information about the MFDA's complaint and enforcement
processes, as well as links to 'Check an Advisor' and other Investor
Tools, visit the For Investors page on the MFDA website.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement