TORONTO, Dec. 8, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Mervyn Sutton ("Sutton") and Rachel Sutton Akers ("Akers") (collectively the "Respondents") by Notice of Settlement Hearing (the "Notice of Settlement Hearing") dated November 17, 2015.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondents, the settlement hearing in this proceeding will take place on December 10, 2015, commencing at 12:00 p.m. (Central) or as soon thereafter as the matter can be heard, in the hearing room at the Delta Bessborough, 601 Spadina Crescent East, Saskatoon, Saskatchewan.
The subject matter of the proposed settlement agreement concerns allegations that the Respondents, between February 6, 2012 and June 23, 2014, obtained, maintained and, in some cases, used to process transactions, 35 blank or partially complete pre-signed account forms in respect of 21 client accounts, contrary to MFDA Rule 2.1.1.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondents carried on business in the Prince Albert, Saskatchewan area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 102 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