TORONTO, May 16, 2018 /CNW/ - A settlement hearing in the matter of Glen Stuart Kirkwood ("Respondent") was held yesterday 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 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $7,500 ("Fine")
- costs in the amount of $2,500 ("Costs");
- payment of the Fine and Costs shall be made to and received in certified funds as follows:
- $2,500 (Costs) upon acceptance of the Settlement Agreement by the Hearing Panel;
- $2,500 on or before the last business day of the first month following the date of Settlement Agreement;
- $2,500 on or before the last business day of the second month following the date of Settlement Agreement;
- $2,500 on or before the last business day of the third month following the date of Settlement Agreement;
- if he fails to make any of the payments described above then:
- any outstanding balance of the Fine owed shall become immediately due and payable to the MFDA; and
- he shall be suspended from conducting securities related business while in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine owed is paid to the MFDA; and
- shall in the future comply with MFDA Rules 2.1.1.
In the Settlement Agreement dated January 12, 2018, the Respondent admitted that:
- between October 2010 and December 2015, he obtained, possessed, and in some instances, used to process transactions, 15 pre-signed account forms in respect of 11 clients, contrary to MFDA Rule 2.1.1; and
- in April 2013 and in May 2015, he altered two account forms in respect of one client by altering information on the account forms without having the client 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 carried on business in the 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 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, Director, Litigation, 416-943-4619, email@example.com; Mark Stott, Vice-President, Prairie Region, 403-215-8329, firstname.lastname@example.org