MFDA Hearing Panel issues Reasons for Decision in the matter of William Richardson

TORONTO, Oct. 5, 2015 /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 September 24, 2015 in the matter of William Richardson (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 October 1, 2015, the Hearing Panel confirmed the following sanctions imposed on the Respondent:

  • a fine in the amount of $8,750;
  • 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 between January 2010 and December 2014, he:  

a)     

obtained and possessed, 13 blank pre-signed forms in respect of ten clients; and

b)     

failed to accurately respond to Investors Group's Annual Attestations by incorrectly affirming that he did not obtain or possess any pre-signed forms.

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 Midland, 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 103 Members and their over 80,000 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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