TORONTO, Dec. 11, 2015 /CNW/ - A settlement hearing in the matter of Mervyn Sutton ("Sutton") and Rachel Sutton Akers ("Akers") (collectively the "Respondents") was held yesterday in Saskatoon, Saskatchewan 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 ("Settlement Agreement") between Staff of the MFDA and the Respondents, as a consequence of which the Respondents:
- have paid a fine in the amount of $10,000;
- have paid costs in the amount of $2,500;
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondents admitted that between February 6, 2012 and June 23, 2014, they obtained, maintained and, in some cases, used to process transactions, 35 blank or partially complete pre-signed account forms in respect of 21 client accounts, 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 Respondents carried on business in the Prince Albert, Saskatchewan area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 102 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