TORONTO, July 20, 2016 /CNW/ - A settlement hearing in the matter of Michelle Morgan Poirier (the "Respondent") was held on July 19, 2016 in Edmonton, Alberta before a three-person Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- shall pay a fine in the amount of $7,500, payable as follows:
- $2,500 upon acceptance of the Settlement Agreement;
- $5,000 within 30 days, following the acceptance of the Settlement Agreement;
- shall pay costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.3.1 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that between August 15, 2013 and December 10, 2013, she engaged in discretionary trading in client MC's account by processing four (4) trades totaling approximately $30,600, contrary to MFDA Rules 2.3.1 and 2.1.1.
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 83,000 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