TORONTO, Nov. 8, 2018 /CNW/ - A settlement hearing in the matter of Nerisa Lat Villegas ("Respondent") was held today 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 dated August 2, 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 fine in the amount of $10,000 ("Fine");
- costs in the amount of $2,500 ("Costs");
- payment of the Fine and Costs shall be made as follows:
- $2,500 (Fine) upon acceptance of the Settlement Agreement;
- $2,500 (Costs) upon acceptance of the Settlement Agreement;
- $5,000 on or before the last business day of the 3rd month following the date of the
acceptance of the Settlement Agreement;
- $2,500 on or before the last business day of the 6th month following the date of the acceptance of the Settlement Agreement;
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between October 2013 and July 2016, she altered 27 account forms in respect of 17 clients by altering information on the account forms without having the clients initial the alterations, 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 Respondent conducted business in the Saskatoon, 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 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