TORONTO, March 27, 2019 /CNW/ - A settlement hearing in the matter of Joseph Terrance Sask ("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 dated March 19, 2019 ("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 $10,500 ("Fine");
- costs in the amount of $2,500 ("Costs");
- payment of the Fine and Costs shall be made as follows:
- $6,500 (Costs and Fine) upon acceptance of the Settlement Agreement;
- $6,500 (Fine) on or before last business day of the first month following the acceptance of the Settlement Agreement; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
between September 2011 and October 2015, he altered 26 account forms in respect of 16 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.; and
between June 2011 and September 2016, he obtained, possessed, and in one instance used, six pre-signed account forms in respect of five 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 Grand Prairie, 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 81,000 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