TORONTO, Oct. 23, 2013 /CNW/ - A Settlement Hearing in the matter Arron John Appleton (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent has paid a fine of $2,500 and $2,500 in costs.
In the Settlement Agreement, the Respondent admitted that between March 28, 2006 and May 15, 2012, he obtained, maintained and/or used approximately 24 account forms in 8 client accounts where the account forms were signed by the clients when the account forms were blank or only partially complete, contained photocopies of client signatures, or were altered with correction fluid after the client had signed the account form without any evidence of client approval of the changes to the account form, contrary to MFDA Rule 2.1.1.
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
For further information:
Managing Director, Enforcement