TORONTO, Dec. 28, 2012 /CNW/ - The MFDA today announced that it has
issued a Notice of Settlement Hearing regarding the presentation,
review and consideration of a proposed settlement agreement by a
Hearing Panel of the MFDA's Atlantic Regional Council.
The settlement agreement will be between Staff of the MFDA and Hugh
Blair Smilestone (the "Respondent") and involves matters for which the
Respondent may be disciplined by a Hearing Panel pursuant to MFDA
The proposed agreement concerns allegations that the Respondent:
falsified client signatures and initials on account documents and
falsified the content of certain other documents and provided signature
guarantees on trade tickets that contained falsified client signatures;
engaged in unauthorized discretionary trading;
failed to comply with conditions imposed on him by the Member with
respect to the approval of his outside business activity; and
provided false responses to the Member's compliance staff during the
course of a branch review.
The settlement hearing is scheduled to take place on January 8, 2013
commencing at 10:00 a.m. (Atlantic) in the hearing room located at the
Nova Scotia Securities Commission, 5251 Duke Street, Suite 400, Duke
Tower, Halifax, Nova Scotia. The hearing will be open to the public,
except as may be required for the protection of confidential matters.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business
conduct of its 117 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
For further information:
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