TORONTO, Sept. 10, 2019 /CNW/ - A settlement hearing in the matter of Robert John Kent ("Respondent") was held today in St. John's, Newfoundland before a three-member Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated September 6, 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 prohibition from engaging in securities related business in any capacity while in the employ of or associated with an MFDA Member for a period of one year;
- a fine in the amount of $5,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) between April 2015 and December 2016, he obtained and possessed four pre-signed account forms in respect of two clients, contrary to MFDA Rule 2.1.1; and
b) between December 2009 and June 2017, he altered ten account forms in respect of nine clients by altering information on the account form without having the client 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 St. John's, Newfoundland 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 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, [email protected]