MFDA Hearing Panel accepts settlement agreement with John Moakler

TORONTO, May 17, 2016 /CNW/ - A settlement hearing in the matter of John Joseph Moakler (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:

(a)   

is prohibited from conducting securities related business while in the employ of or associated with any Member of the MFDA for a period of six (6) months from the date that the Settlement Agreement is accepted;

(b)  

shall pay a fine in the amount of $15,000 subject to the following payment terms:


(i)

$10,000 shall be paid on the date when the Settlement Agreement is accepted; and


(ii)

$5,000 shall be paid within 30 days of the date when the Settlement Agreement is accepted;

(c)   

if the Respondent fails to comply with subparagraph (b)(ii) above, then without further notice to the Respondent, he shall summarily be permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA;

(d)  

has paid costs in the amount of $5,000;

(e)   

if the Respondent becomes an Approved Person of a Member of the MFDA in the future, he will comply with MFDA Rules 2.3.1(a), 2.2.1, 5.1(b) and 2.1.1.

 

In the Settlement Agreement, the Respondent admitted that:

a)   

between September and October 2013, he Respondent processed trades in the accounts of 17 clients without the knowledge, authorization or approval of the clients and thereby engaged in unauthorized discretionary trading contrary to MFDA Rules 2.3.1(a) and 2.1.1 and acted outside the scope of his registration category as a dealing representative of a mutual fund dealer; and

b)   

between September and October 2013, he processed trades in the accounts of nine (9) clients and failed to maintain adequate records of any instructions that he received in respect of the transactions and any fee or risk disclosure that he provided in respect of the trades contrary to MFDA Rules 5.1(b) and 2.1.1.

 

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Toronto, Ontario area.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 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: Charles Toth, Director, Litigation, 416-943-4619, ctoth@mfda.ca

RELATED LINKS
http://www.mfda.ca

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