TORONTO, July 13 /CNW/ - A Settlement Hearing in the matter of Terry Lynn Sampson was held on July 9, 2010 in Edmonton, Alberta before a Hearing Panel of the MFDA's Prairie Regional Council.
The Hearing Panel accepted the Settlement Agreement between Ms. Sampson and MFDA Staff, as a consequence of which Ms. Sampson has been permanently prohibited from acting as a mutual fund salesperson while in the employ of, or associated with, a Member of the MFDA.
The Hearing Panel advised that it would issue written reasons for its decision in due course.
In the Settlement Agreement, Ms. Sampson admitted that from January 2006 to July 2008 she misappropriated approximately $167,500 from six Bank of Nova Scotia clients, contrary to MFDA Rule 2.1.1. Ms. Sampson also admitted that in or about March 2008 she misappropriated approximately $5,000 from the account of a client of Scotia Securities Inc., a Member of the MFDA, contrary to MFDA Rule 2.1.1. She further admitted that she failed to cooperate with an MFDA investigation, contrary to section 22 of MFDA By-law No. 1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 138 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
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