TORONTO, April 13, 2016 /CNW/ - A settlement hearing in the matter of Einar Torben Dahlin Lisborg (the "Respondent") was held on April 8, 2016 in Vancouver, British Columbia before a three-person Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of three (3) months, commencing from the date of the Hearing Panel's Order;
- has paid a fine in the amount of $40,000;
- has paid costs in the amount of $2,500; and
- shall in future comply with all MFDA By-laws, Rules and Policies and all applicable securities legislation and regulations made thereunder including MFDA Rules 1.1.2, 2.1.1 and 2.5.1.
In the Settlement Agreement, the Respondent admitted that between March 27, 2013 and January 22, 2014, he falsified client signatures or allowed his unlicensed assistant to falsify client signatures on 87 account forms, and allowed his unlicensed assistant to falsify the Respondent's signature as the advisor on at least 48 account forms, in respect of 67 clients, contrary to MFDA Rule 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 Surrey, British Columbia.
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, firstname.lastname@example.org; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, email@example.com