TORONTO, July 19, 2016 /CNW/ - A settlement hearing in the matter of Tony Nathan Estabrooks (the "Respondent") was held on July 18, 2016 in Edmonton, Alberta before a three-member 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:
- 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 Rule 2.1.1.
In the Settlement Agreement the Respondent admitted that:
a) between January 2015 and April 2015, he altered and used to process transactions, two (2) client account forms in relation to two (2) clients, by altering the dates on previously used client account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
b) between October 2014 and April 2015, he obtained, possessed and used to process transactions, 26 pre-signed account forms in respect of 13 clients, contrary to MFDA Rule 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