TORONTO, Nov. 24, 2017 /CNW/ - A settlement hearing in the matter of Dean Edward Owen ("Respondent") was held today in Saskatoon, Saskatchewan before a Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement ("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 or associated with any Member of the MFDA for a period of two (2) months from the date of the settlement hearing;
- a fine in the amount of $20,000;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- between June 2006 and October 2015, he obtained, possessed, and in some instances, used to process transactions, 164 pre-signed account forms in respect of 26 clients, contrary to MFDA Rule 2.1.1; and
- between February 2007 and August 2015, he altered and used to process transactions, 11 account forms in respect of 7 clients by altering information on the account forms without having the clients initial the alterations, 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 the Saskatoon, Saskatchewan 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 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