MFDA Hearing Panel approves settlement agreement with Raymond Anders
Jul 06, 2016, 12:30 ET
TORONTO, July 6, 2016 /CNW/ - A settlement hearing in the matter of Raymond Joseph Anders (the "Respondent") was held yesterday in Regina, Saskatchewan before a three-person 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 $40,000;
- has paid costs in the amount of $5,000; and
- shall in future comply with MFDA Rules 1.1.1 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that he:
between September 10, 2013 and December 16, 2013, arranged for clients to complete account application forms in order to facilitate the transfer of 80 client accounts to a new Member, prior to being registered with the new Member, thereby engaging in registerable activity and securities related business on behalf of a Member that the Respondent was not registered with, contrary to MFDA Rules 1.1.1 and 2.1.1; and
between September 10, 2013 and April 24, 2014, arranged for clients to sign approximately 326 undated account forms which the Respondent subsequently dated himself in order to facilitate the transfer of 80 client accounts to a new Member, thereby failing to observe high standards of ethics and conduct in the transaction of business, 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 Regina, 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 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
Share this article