TORONTO, April 20, 2015 /CNW/ - A Settlement Hearing in the matter of Mary Stanley-Beitz (the "Respondent") was held today 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:
- shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six (6) months, pursuant to section 24.1.1(e) of MFDA By-law No. 1;
- has paid a fine in the amount of $2,500, pursuant to section 24.1.1(b) of By-law No. 1; and
- has paid costs in the amount of $2,500, pursuant to section 24.2 of By-law No. 1.
In the Settlement Agreement, the Respondent admitted that between 2010 and November 2012, the Respondent obtained, maintained and, in some instances, used to process transactions, 174 pre-signed blank or partially completed forms in respect of 70 client accounts, 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 and around Kincardine, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 104 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: Shaun Devlin, Senior Vice President, Member Regulation, Enforcement, 416-943-4672, [email protected]