TORONTO, March 31, 2016 /CNW/ - A settlement hearing in the matter of Brenden Mernagh (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the Central 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 been a prohibited from conducting securities related business in any capacity while in the employ or associated with any Member of the MFDA for a period of six (6) months from the date of the settlement hearing;
- has paid a costs in the amount of $1,000; and
- shall comply in future with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between December 2013 and January 2014, he falsified the signatures of ten (10) clients on 13 account forms, 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 carried on business in the Elora, Ontario 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]