TORONTO, March 7, 2019 /CNW/ - A settlement hearing in the matter of Michael Beausoleil ("Respondent") was held today 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 February 11, 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 $11,500;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between January 2008 and March 2017, he, or his assistants for whom he was responsible, obtained, possessed, and in some instances, used to process transactions, 29 pre-signed account forms in respect of 14 clients, 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, firstname.lastname@example.org