MFDA Hearing Panel accepts Settlement Agreement with Richard Hefford

TORONTO, Nov. 15, 2011 /CNW/ - A Settlement Hearing in the matter of Richard Michael Hefford was held today in Winnipeg, Manitoba before a Hearing Panel of the MFDA's Prairie Regional Council. The Hearing Panel accepted the Settlement Agreement between MFDA Staff and Mr. Hefford, as a consequence of which Mr. Hefford:

  • has been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA, pursuant to s. 24.1.1(e) of MFDA By-law No. 1; and
  • has paid costs of $5,000, pursuant to s. 24.2 of MFDA By-law No. 1; and

In the Settlement Agreement, Mr. Hefford admitted that:

(a)      between March 7, 2005 and March 6, 2009 he failed to observe high standards of ethics and engaged in business conduct or practice that was unbecoming an Approved Person by obtaining and possessing 170 blank, pre-signed forms for approximately 65 client accounts, contrary to MFDA Rule 2.1.1;
(b)      between March 7, 2005 and March 6, 2009he failed to observe high standards of ethics and engaged in business conduct or practice that was unbecoming an Approved Person by failing to comply with his branch manager's directions on six occasions to destroy all pre-signed blank investment forms in client files and to thereafter cease obtaining them, contrary to MFDA Rule 2.1.1; and
(c)      in or about 2008 and 2009, the Respondent entered into a referral arrangement with a portfolio management company that he did not disclose to the Member, contrary to MFDA Rules 1.1.1, 2.1.4 and 2.4.2.

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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