TORONTO, Dec. 20, 2018 /CNW/ - A settlement hearing in the matter of Marc Joseph Robert Bodson ("Respondent") was held yesterday in Toronto, Ontario before a three-person 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 19, 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 in the employ of or associated with a Member of the MFDA for a period of one month;
- shall pay a fine in the amount of $10,000; (the "Fine")
- the Fine shall be paid in monthly instalments starting on January 19, 2019 with the payment of $1666.70 followed by five equal monthly payments of $1666.66;
- the Fine shall be paid in full by June 19, 2019;
- shall pay costs in the amount of $5,000; and
- shall in the future comply with MFDA Rules 2.1.1 and 2.3.1.
In the Settlement Agreement, the Respondent admitted that:
- between February 2012 to October 2015, he processed transactions in client accounts without obtaining client instructions in respect of the amount of the transaction and the specific mutual fund purchased, thereby engaging in discretionary trading contrary to MFDA Rules 2.3.1 and 2.1.1, and acting beyond the scope of his registration category as a mutual fund salesperson;
- between about 2012 and 2015, he obtained and possessed five pre-signed account forms in respect of five clients, contrary to MFDA Rule 2.1.1 and the policies and procedures of the Member; and
- between October 2012 to March 2016, he or other persons acting on his behalf altered information on five account forms in respect of three clients without obtaining the clients' initials or other evidence recording the clients' authorization of changes to information on the form, contrary to MFDA Rule 2.1.1 and the policies and procedures of the Member.
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 Val Caron, 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: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]