TORONTO, July 13, 2020 /CNW/ - A settlement hearing in the matter of Marek Stanislaw Kawka ("Respondent") was held on July 9, 2020 in Toronto, Ontario by electronic hearing 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 dated June 8, 2020 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $11,500, payable in instalments as follows:
- $6,000 upon acceptance of this Settlement Agreement;
- $5,500 on or before September 30, 2020;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
between February 2014 and March 2018, he obtained, possessed, and in some instances, used to process transactions, 15 pre-signed account forms in respect of 9 clients, contrary to MFDA Rule 2.1.1; and
between March 2014 and February 2017, he altered and used to process transactions, 11 account forms in respect of 6 clients, by altering information on the account forms without having the client initial the alterations, 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 Mississauga, 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 81,000 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, Vice-President, Enforcement, 416-943-4619, [email protected]