TORONTO, March 22, 2018 /CNW/ - A settlement hearing in the matter of Jacqueline Gail Gill ("Respondent") was held today in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated December 27, 2017 ("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;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.2.1 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- between August 2011 and March 2012, she opened an account for a client, recorded the client's Know-Your-Client information, and on three occasions processed a total of two transfers and three trades in the client's account without having met or communicated with the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account accepted, contrary to MFDA Rules 2.2.1 and 2.1.1; and
- on or about November 23, 2011, she completed a trade form which incorrectly indicated that she spoke with a client and obtained the client's authorization to process two trades in the client's account, 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 Notice of Settlement Hearing, the Respondent carried on business in the Cambridge, 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 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, [email protected]