TORONTO, March 6, 2015 /CNW/ - A Settlement Hearing in the matter of Mark Patrick Cliche (the "Respondent") was held yesterday 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;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.1.1, 1.1.2 and 2.5.1.
In the Settlement Agreement, the Respondent admitted that between 2001 and July 2013, he obtained and maintained 72 pre-signed and/or altered photocopied account forms for 13 clients and used pre-signed and/or altered photocopied account forms to process transactions in client accounts, thereby:
a) engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1; and
b) failing to comply with the Member's policies and procedures, contrary to MFDA Rules 1.1.2 and 2.5.1 and 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 Notice of Settlement Hearing, the Respondent carried on business in Markham, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 107 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]