TORONTO, Oct. 24, 2013 /CNW/ - A Settlement Hearing in the matter
Orville Keith Carruthers (the "Respondent") was held yesterday 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
26, 2008 and August 20, 2012, he obtained, maintained and/or used
approximately 170 account forms in 60 client accounts which were signed
by clients when the account forms were blank or only partially
complete, or contained photocopies of client signatures, 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 115 Members and their approximately 80,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement