TORONTO, Nov. 11, 2016 /CNW/ - A settlement hearing in the matter of Jacqueline Ann Meunier ("Meunier") and Lori Gay Bandola ("Bandola") (collectively the "Respondents") was held on November 8, 2106 in Edmonton, Alberta before a three-person Hearing Panel of the Prairie 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 Respondents, as a consequence of which:
- Meunier shall pay a fine in the amount of $8,500 upon acceptance of this Settlement Agreement;
- Bandola shall pay a fine in the amount of $5,000, payable as follows:
i) $3,000 upon acceptance of this Settlement Agreement;
ii) $1,000 by no later than three months from the date of the settlement hearing; and
iii) $1,000 by no later than six months from the date of the settlement hearing;
- the Respondents shall jointly pay costs in the amount of $2,500;
- the Respondents shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondents admitted that:
a) on or about October 19, 2011, Meunier altered and used to process a transaction, one client account form by altering information on the client account form without having the client initial the alteration, contrary to MFDA Rule 2.1.1;
b) between May 8, 2012 and September 2, 2014, Meunier, or her assistant for whom she was responsible, obtained, possessed and used to process transactions, 29 pre-signed account forms in respect of 20 clients, contrary to MFDA Rule 2.1.1 and
c) between February 3, 2014 and November 18, 2014, Bandola obtained, possessed and used to process transactions, 17 pre-signed account forms in respect of 10 clients, 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 Respondents carried on business in the Edmonton, Alberta 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