TORONTO, April 25, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced disciplinary proceedings in respect of Todd Regan Morin ("Respondent") by Notice of Hearing dated September 2, 2016 ("Notice of Hearing").
The hearing of this matter on its merits took place today in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts ("Agreed Statement of Facts") in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which he could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1.
In particular, the Respondent admitted that on February 27 and 28, 2014, he assisted an unregistered individual, SL, to open two (2) client accounts at the Member by signing two (2) New Client Account Applications as the advisor of record without having met the clients or otherwise performed the necessary due diligence to learn the essential facts relative to the clients, thereby engaging on conduct contrary to MFDA Rules 1.1.1, 2.2.1 and 2.1.1.
Following submissions from the parties with respect to penalty, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a fine in the amount of $7,500; and
- costs in the amount of $2,500.
Copies of the Notice of Hearing and the Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent conducted business in the Ottawa, 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, firstname.lastname@example.org