MFDA Hearing Panel approves settlement agreement with Serge Robichaud

TORONTO, Oct. 25, 2018 /CNW/ - A settlement hearing in the matter of Serge Luc Robichaud ("Respondent") was held on October 24, 2018 in Moncton, New Brunswick before a three-member Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel approved the settlement agreement dated October 23, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:

• a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of eight weeks;
• a fine in the amount of $20,000;
• costs in the amount of $5,000;
• in the future shall comply with MFDA Rules 1.1.2, 2.4.2 ,2.5.1, and Rule 2.1.1, and sections 13.7 and 13.8 of National Instrument 31-103.

In the Settlement Agreement, the Respondent admitted that:

a)	between January and April 2015, he entered into a referral arrangement with a third party, referred at least 11 clients to the third party, and received compensation from the third party, all of which occurred outside the facilities of the Member, thereby engaging in conduct contrary to the Member's policies and procedures, MFDA Rules 1.1.2, 2.5.1, 2.4.2, and 2.1.1, and sections 13.7 and 13.8 of National Instrument 31-103;
b)	between about June 2015 and January 2016, he provided false or misleading statements to a Member during the course of its investigation into his conduct, thereby interfering with the Member's ability to supervise and investigate the Respondent's conduct, and to MFDA Staff during the course of its investigation into his conduct, contrary to MFDA Rule 2.1.1; and
c)	between about September 2010 and August 6, 2015, he obtained and maintained 22 blank or partially completed pre-signed account forms in respect of seven clients, contrary to the Member's policies and procedures and MFDA Rules 1.1.2, 2.5.1 and 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, the Respondent conducted business in the Dieppe, New Brunswick 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 82,000 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

please contact: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]