TORONTO, Jan. 16, 2019 /CNW/ - A settlement hearing in the matter of Ryan Russell Gerard Corcoran ("Respondent") took place yesterday in Toronto, Ontario before a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated December 10, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- shall pay a fine in the amount of $10,000 ("Fine");
- shall pay costs in the amount of $2,500 ("Costs"); and
- the Fine and Costs shall be paid in monthly installments starting on January 15, 2019 with the payment of $2,000.00 followed by eleven consecutive monthly payments of $954.55.
In the Settlement Agreement, the Respondent admitted that on or about November 4, 2015, he processed trades in a client's account without the client's knowledge or authorization, thereby engaging in unauthorized discretionary trading, contrary to MFDA Rules 2.3.1 and 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 Laval, Quebec 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
For further information: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]