TORONTO, Dec. 11, 2017 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on October 26, 2017 in the matter of Claude David Fox-Revett ("Respondent").
In its Reasons for Decision dated December 8, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- was issued a reprimand;
- has paid costs in the amount of $2,500;
- shall in the future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder, including MFDA Rule 2.3.1(b).
In the Settlement Agreement dated October 12, 2017, the Respondent admitted that on November 13, 2013, he performed eight (8) trades in the accounts of clients RB and CO (the "Clients") without having obtained instructions from the Clients on which funds would be purchased.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Newmarket, Ontario 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, [email protected]