TORONTO, Nov. 12, 2019 /CNW/ - A settlement hearing in the matter of Sean William Kent Parlee ("Respondent") was held today in Edmonton, Alberta 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 October 15, 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 fine in the amount of $22,500;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 1.1.2, 2.1.1 and 2.5.1.
In the Settlement Agreement, the Respondent admitted that between December 2015 and November 2018, he obtained, possessed, and used to process transactions, 110 pre-signed account forms in respect of 35 clients, contrary to the Member's policies and procedures relating to pre-signed forms and transfer-in accounts and MFDA Rules 1.1.2, 2.1.1 and 2.5.1.
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 Fort McMurray, Alberta.
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