Toronto, Feb. 12, 2014 /CNW/ - A Settlement Hearing in the matter of Michael William Kant (the "Respondent") was held yesterday in Edmonton, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent:
- has paid a fine of $7,500;
- has paid $2,500 in costs; and
- shall in the future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder, including MFDA Rule 2.1.1.
The Respondent admits that, between April 2006 and July 2012, he photocopied and altered 49 previously-signed account forms in respect of 16 client accounts in order to process transactions in client accounts, contrary to MFDA Rule 2.1.1.
The Hearing Panel advised that it will issue written reasons for its decision to accept the Settlement Agreement in due course.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 Members and their approximately 80,000 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