TORONTO, Sept. 30, 2019 /CNW/ - A settlement hearing in the matter of Kyle Norman Kidnie ("Respondent") was held on September 27, 2019 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 May 27, 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 prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of six months;
- a fine in the amount of $2,500, payable in installments as follows:
- $500 upon acceptance of the Settlement Agreement;
- $500 on or before October 31, 2019;
- $500 on or before November 29, 2019;
- $500 on or before December 31, 2019;
- $500 on or before January 31, 2020;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rules 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
on October 25, 2017, he signed a client's signature on three account forms and submitted the forms to the Member for processing, contrary to MFDA Rule 2.1.1; and
on November 22, 2017, he misled the Member during its investigation into his conduct when he falsely represented to the Member that a client had signed three account forms when the Respondent had signed the client's signature on the account forms, contrary to MFDA Rule 2.1.1.
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, Managing Director, Litigation, 416-943-4619, [email protected]