TORONTO, Dec. 14, 2018 /CNW/ - A settlement hearing in the matter of Edgar Donald Wilcott ("Respondent") was held yesterday in Halifax, Nova Scotia before a three-person Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated December 5, 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 prohibition from conducting securities related business in any capacity in the employ of or associated with a Member of the MFDA for a period of one year;
- a prohibition from acting as a branch manager or in a supervisory capacity with a Member of the MFDA for a period of 2 years;
- a fine in the amount of $20,000; and
- costs in the amount of $2,500.
In the Settlement Agreement, the Respondent admitted that:
a) between August 2010 and October 2016, he altered, and used to process transactions, 180 account forms in respect of 81 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
b) between January 2010 and April 2016, he obtained, possessed, and in some instances, used to process transactions, 286 pre-signed account forms in respect of 74 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 the Halifax, Nova Scotia 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 82,000 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]