TORONTO, March 7, 2016 /CNW/ - A settlement hearing in the matter of Robert John Kent (the "Respondent") was held on March 4, 2016 in St. John's, Newfoundland before a three-person Hearing Panel of the Atlantic 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:
- has paid a fine in the amount of $6,000;
- has paid 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 about April 2013 and July 2014, he obtained, and used to process trades, eleven (11) pre-signed Order Instructions forms in respect of eight (8) clients, 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 conducted business in St. John's, Newfoundland.
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
For further information: Charles Toth, Director, Litigation, 416-943-4619, [email protected]