TORONTO, June 12, 2019 /CNW/ - A settlement hearing in the matter of Alan Dickson Brenchley ("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 approved the settlement agreement dated June 10, 2019 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of two months;
- a fine in the amount of $25,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.1.1.
In the Settlement Agreement, the Respondent admitted that between June 2006 and May 2017, he obtained, possessed, and in some instances, used to process transactions, 230 pre-signed account forms, and altered five accounts forms without obtaining client initials, in respect of 26 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 81,000 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, Managing Director, Litigation, 416-943-4619, [email protected]