TORONTO, Dec. 8, 2014 /CNW/ - A Settlement Hearing in the matter of Donald Cameron Welsh (the "Respondent") was held today in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the Settlement Agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- has paid a fine in the amount of $7,500; and
- has paid costs in the amount of $2,500.
In the Settlement Agreement, the Respondent admitted that between December 2009 and November 2012, he falsified the initials of 12 clients on a total of 12 Know Your Client or New Account Application Forms and made changes to the forms, contrary to MFDA Rule 2.1.1. Prior to entering in to the Settlement Agreement, the Respondent paid approximately $15,000.00 to the Member to compensate them for the additional supervision he required after the matter was discovered.
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 Brampton, 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 108 Members and their approximately 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]