TORONTO, Aug. 9, 2016 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on May 26, 2016 in the matter of Christopher Rainville (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement (the "Settlement Agreement") entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated August 8, 2016, (the "Reasons for Decision") the Hearing Panel confirmed the following sanctions imposed on the Respondent:
- a fine in the amount of $13,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) between November 2003 and January 2013, he altered and used to process transactions, 89 account forms in respect of 46 clients, contrary to MFDA Rule 2.1.1;
b) between November 2003 and January 2013, he obtained and used to process transactions, 39 pre-signed account forms in respect of 26 clients, contrary to MFDA Rule 2.1.1; and
c) on January 6, 2010 and on April 20, 2012, he submitted an account form to the Member for processing that was signed by the spouse of the client on behalf of the client, contrary to MFDA Rule 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, 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, email@example.com