TORONTO, April 27, 2018 /CNW/ - A settlement hearing in the matter of Tracey Lynn Greenwood ("Respondent") was held on April 25, 2018 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated April 24, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $5,000 ("Fine");
- costs in the amount of $2,500 ("Costs");
- payment of the Fine shall be made in five consecutive monthly installments of $1,000, commencing on April 25, 2018 and ending on August 25, 2018;
- payment of the Costs shall be made on April 25, 2018;
- prior to becoming re-registered as a mutual fund salesperson with a Member of the MFDA, she shall complete an industry compliance course acceptable to Staff of the MFDA; and
- shall in the future comply with MFDA Rules 2.1.1 and 2.1.4.
In the Settlement Agreement, the Respondent admitted that:
between January 2014 and February 2016, she borrowed $30,000 from client MB, thereby engaging in personal financial dealings with a client which gave rise to a conflict of interest that she failed to disclose to the Member and/or address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.1 and 2.1.4; and
on June 12, 2014 and on March 17, 2015, she provided false or misleading responses on the Member's annual questionnaire to Approved Persons by denying that she had borrowed money from clients, thereby misleading the Member and interfering with its ability to supervise her conduct, contrary to MFDA Rules 2.1.1.
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, Director, Litigation, 416-943-4619, [email protected]