MFDA Hearing Panel approves settlement agreement with Ronald Gibson

TORONTO, March 21, 2016 A settlement hearing in the matter of Ronald Gibson (the "Respondent") was held on March 17, 2016 in Vancouver, British Columbia before a three-member 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 paid a fine in the amount of $10,000; and
  • has paid costs in the amount of $2,500.

In the Settlement Agreement, the Respondent admitted that:

a)

between January 2008 and January 30, 2015, he obtained, maintained and, in some instances, used to process transactions, 19 pre-signed account forms in respect of 16 client accounts, contrary to MFDA Rule 2.1.1; and

b)

between January 2008 and January 30, 2015, he falsified and, in some instances, used to process trades, five (5) account forms in respect of six (6) 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 Langley, 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, ctoth@mfda.ca; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, jmount@mfda.ca

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