TORONTO, March 26, 2020 /CNW/ - A settlement hearing in the matter of Kenneth Daniel Foster ("Respondent") was held on March 26, 2020 in St. John's, Newfoundland before a three-member 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 10, 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 $2,500, payable as follows:
- $500.00 on or before April 30, 2020;
- $500.00 on or before May 29, 2020;
- $500.00 on or before June 30, 2020;
- $500.00, on or before July 31, 2020;
- $500.00 on or before August 31, 2020;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
between September 2013 and June 2019, he obtained, possessed, and in some instances, used to process transactions, 96 pre-signed account forms in respect of eight clients, contrary to MFDA Rule 2.1.1; and
on or about September 29, 2017, he cut and pasted a client signature from an account form previously signed by the client, and maintained the account form in the client's file, 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 St. John's, Newfoundland and Labrador 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
For further information: Charles Toth, Vice President, Enforcement, 416-943-4619, [email protected]