TORONTO, Oct. 21, 2016 /CNW/ - A settlement hearing in the matter of Melissa Marie Smith (the "Respondent") was held yesterday in Halifax, Nova Scotia before a three-member Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- shall pay a fine in the amount of $10,000, payable in two (2) installments as follows:
- i) the first installment of $5,000 shall be paid on or before April 20, 2017;
- ii) the second installment of $5,000 shall be paid on or before October 20, 2017;
- If the Respondent fails to make any of the payments described above when the payments become due, then without further notice to the Respondent, the Respondent shall summarily be suspended from conducting securities related business in any capacity while in the employ of, or associated with, any MFDA Member, until the full amount of the fine has been paid;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1
In the Settlement Agreement, the Respondent admitted that:
a) between March 2014 and February 2015, she altered and, in 17 instances, used to process transactions, 20 account forms in respect of two (2) clients by using photocopies of previously signed signature pages from other forms or altering previously used account forms; and
b) between March 2014 and October 2014, she obtained and possessed one (1) pre-signed account form in respect of 1 client, contrary to MFDA Rule 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 Antigonish, Nova Scotia 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 over 80,000 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, [email protected]