TORONTO, Oct. 3, 2014 /CNW/ - A settlement hearing in the matter of Blair Stonewall Jackson Roche (the "Respondent") was held yesterday in Calgary, Alberta before a Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel approves the Settlement Agreement ("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 $12,500;
- has paid costs in the amount of $2,500;
- shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA member for a period of three (3) months, commencing from the date of the Hearing Panel's Order; and
- shall in future comply with all MFDA By-laws, Rules and Policies and all applicable securities legislation and regulations made thereunder, including MFDA Rules 1.1.2, 2.1.1, 2.1.3 and 2.5.1.
In the Settlement Agreement, the Respondent admitted that:
a) between April 2011 and April 2013, he permitted non-Approved Persons TS and KW to conduct securities related business with clients for the account and through the facilities of the Member, contrary to MFDA Rules 1.1.1(c), 1.1.2 and 2.1.1; and
b) between April 2011 and April 2013, he failed to comply with the policies and procedures of the Member by producing and distributing approximately 80 portfolio summaries to approximately 45 clients without the knowledge or involvement of the Member, thereby:
i. interfering with the ability of the Member to supervise the Respondent, contrary to MFDA Rules 1.1.2 and 2.5.1, and MFDA Rule 2.1.1; and
ii. failing to comply with MFDA Rule 2.1.3.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 108 Members and their approximately 80,000 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, firstname.lastname@example.org; Mark Stott, Vice-President, Prairie Region, 403-215-8329, email@example.com