TORONTO, July 24, 2013 /CNW/ - A Settlement Hearing in the matter of Corey William McPherson (the "Respondent") was held yesterday in Victoria, British Columbia before a three-person Hearing Panel of the MFDA's Pacific Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent shall pay a fine of $1,500 and $1,000 in costs.
In the Settlement Agreement the Respondent admitted that, on or about July 9, 2011, he failed to observe high standards of ethics and conduct in the transaction of business by falsifying a client's signature on a client account document required by the Member to facilitate the transfer of $11,000 from another financial institution, contrary to MFDA Rule 2.1.1(b).
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
Managing Director, Enforcement