TORONTO, Jan. 16, 2015 /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 December 8, 2014, in the matter of Donald Cameron Welsh (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement (the "Settlement Agreement") entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated January 15, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely a fine in the amount of $7,500 and costs in the amount of $2,500.
In the Settlement Agreement, the Respondent admitted that between December 2009 and November 2012, he falsified the initials of 12 clients on a total of 12 Know Your Client or New Account Application Forms and made changes to the forms, contrary to MFDA Rule 2.1.1. Prior to entering in to the Settlement Agreement, the Respondent paid approximately $15,000.00 to the Member to compensate them for the additional supervision he required after the matter was discovered.
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 Settlement Agreement, the Respondent carried on business in the Brampton, 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 107 Members and their approximately 80,000 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]