TORONTO, March 9, 2015 /CNW/ - A settlement hearing in the matter of Paul Jerome Edmond (the "Respondent") was held on March 6, 2015 in Winnipeg, Manitoba 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 Respondent, as a consequence of which the Respondent:
- has paid a fine in the amount of $10,000;
- has paid costs in the amount of $2,500;
- shall be prohibited from acting in a compliance or supervisory capacity with a Member for a period of six (6) months from the date of the acceptance of the Settlement Agreement by the Hearing Panel; 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.
In the Settlement Agreement, the Respondent admitted that between February 2008 and April 2013, he obtained, maintained, and used to process transactions, a total of 74 blank pre-signed account forms or photocopies of partially complete pre-signed account forms which he altered after the clients had signed the account forms, in respect of 30 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 Respondent carried on business in the Winnipeg, Manitoba area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 107 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