MFDA Hearing Panel approves three Settlement Agreements

TORONTO, Nov. 26, 2015 /CNW/ - On November 26, 2015, a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following three (3) separate proceedings, the particulars of which are:    

James Weller

A settlement hearing in the matter of James Weller ("Weller") was held on November 26, 2015, at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Weller, as a consequence of which Weller:

i)         

has paid a fine in the amount of $10,000;

ii)         

has paid costs in the amount of $2,500;

iii)        

shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Weller admitted that between January 2010 and April 2014, he obtained, possessed, and in some instances, used to process transactions, a total of 20 pre-signed account forms in respect of 11 clients, and, altered information on two (2) account forms in respect of two (2) clients without obtaining client initials authorizing the changes.

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

Derrick Foley

A settlement hearing in the matter of Derrick Foley ("Foley") was held on November 26, 2015, at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Foley, as a consequence of which Foley:

i)         

has paid a fine in the amount of $6,000;

ii)          

has paid costs in the amount of $2,500;

iii)           

shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Foley admitted that on May 9, 2014, he falsified two (2) client signatures on two KYC forms, 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, Foley carried on business in the Peterborough, Ontario area.

Daniel MacWhirter

A settlement hearing in the matter of Daniel MacWhirter ("MacWhirter") was held on November 26, 2015, at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and MacWhirter, as a consequence of which MacWhirter:

i)            

has paid a fine in the amount of $12,500;

ii)          

has paid costs in the amount of $2,500;

iii)           

shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, MacWhirter admitted that between December 2010 and March 2013, he obtained and possessed 11 pre-signed forms with respect to 11 clients and, between December 2010 and May 2014, he mislead the Member by affirming that he did not obtain or possess any pre-signed forms when completing the Member's Annual Attestations for Approved Persons.

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

The Hearing Panel advised that it will issue its written reasons for all three (3) proceedings in due course.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 102 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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