TORONTO, June 18, 2013 /CNW/ - A Settlement Hearing in the matter Kimberly Ann Haylock (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent shall pay a fine of $3,000 and $2,000 in costs. If the Respondent fails to pay the fine and costs in accordance with the Settlement Agreement, then the MFDA shall, without further notice, suspend the Respondent's authority to conduct securities related business until such time as the fine and costs are paid.
In the Settlement Agreement, the Respondent admitted that between February 17, 2010 and November 25, 2011 she engaged in personal financial dealings with a client by borrowing approximately $2,200 from the client, which amount remained outstanding until November 25, 2011, thereby giving rise to a conflict or potential conflict of interest between the interests of the Respondent and the interests of the client, which the Respondent failed to ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rule 2.1.4.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 116 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
For further information:
Director of Litigation