TORONTO, Oct. 17, 2012 /CNW/ - A Settlement Hearing in the matter of Kenneth Rattenbury (the "Respondent") was held today in Edmonton, Alberta before a Hearing Panel of the MFDA's Prairie 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 $6,250;
- shall write or re-write and pass an appropriate industry course acceptable to MFDA Staff within 6 months; and
- has paid costs of $2,500.
In the Settlement Agreement, the Respondent admitted that between August 26, 2004 and November 18, 2010, he maintained and used 63 photocopies of trade instruction forms signed by clients in blank to process trades in the accounts of 10 clients, thereby failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1(b).
The Hearing Panel advised that it will issue written reasons for its decision in due course. A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 120 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
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