TORONTO, May 11, 2017 /CNW/ - A settlement hearing in the matter of William Andrew Castle Thackray ("Respondent") was held on May 10, 2017 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific 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 following penalties and costs were imposed on the Respondent:
- a fine in the amount of $15,000;
- costs in the amount of $2,500; and
- in future shall comply with MFDA Rules 1.2.1, 2.5.1, 1.1.1 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that between April and July 2014, he engaged in securities related business that was not carried on for the account or though the facilities of the Member by processing three (3) redemptions on behalf of two (2) former clients directly through the mutual fund companies, using trade documentation, the Respondent's representative code and a signature guarantee stamp from his former mutual fund dealer, contrary to the Member's policies and procedures and MFDA Rules 1.2.1, 2.5.1, 1.1.1, 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 carried on business in the Victoria, British Columbia 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, firstname.lastname@example.org; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, email@example.com