TORONTO, Feb. 11, 2019 /CNW/ - A settlement hearing in the matter of Christopher Paul Heide (known as Paul Heide) ("Respondent") was held on February 6, 2019 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 approved the settlement agreement dated December 3, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $15,000 ("Fine");
- costs in the amount of $2,500 ("Costs");
- payment of the Fine and Costs shall be made as follows:
- $2,500 (Costs) upon acceptance of the Settlement Agreement;
- $5,000 (Fine) upon acceptance of the Settlement Agreement;
- $4,000 (Fine) on or before March 29, 2019;
- $3,000 (Fine) on or before April 30, 2019;
- $3,000 (Fine) on or before May 31, 2019;
- shall in the future comply with MFDA Rules 2.1.1.
In the Settlement Agreement, the Respondent admitted that between February 2015 and September 2016, he photocopied signature pages from account forms that had been signed by clients and re-used the signature pages to complete 20 additional forms in respect of seven 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 Edmonton, Alberta area.
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