TORONTO, June 14, 2018 /CNW/ - A settlement hearing in the matter of Heather Nicola Churchill ("Respondent") was held on May 28, 2018 in Toronto, Ontario before a Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated May 21, 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 while in the employ of or associated with any MFDA Member for a period of one year commencing from the date of the Hearing Panel's final Order;
- shall in the future comply with MFDA Rules 2.3.1 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- on April 4, 2016, she processed two switches totaling approximately $297,407.35 in the investment accounts of client JB without the knowledge or authorization of the client, thereby engaging in unauthorized discretionary trading, contrary to MFDA Rules 2.3.1 and 2.1.1, and the policies and procedures of the Member; and
- on or about April 5, 2016, she falsely reported to her Branch Manager, in response to the Branch Manager's supervisory inquiries, that client JB had authorized two switches totaling approximately $297,407.35 in the investment accounts of client JB, 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 Ottawa, Ontario 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: please contact: Charles Toth, Director, Litigation, 416-943-4619, [email protected]