TORONTO, Dec. 2, 2016 /CNW/ - A settlement hearing in the matter of Aubrey Reid Wallace (the "Respondent") was held on December 1, 2016 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:
- has paid a fine in the amount $10,500;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.3.1 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that on June 13, 2014, he processed three (3) trades in the account of one (1) client without the client's authorization, contrary to MFDA Rules 2.3.1 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 Truro, 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 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, [email protected]