TORONTO, Feb. 28, 2018 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated February 27, 2018 in connection with a settlement hearing held in Toronto, Ontario on January 25, 2018 in the matter of Jose Francisco Borges ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely:
- a fine in the amount of $6,500;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated October 16, 2017, Borges admitted that between January 2015 and March 2016, he obtained and possessed 22 pre-signed account forms in respect of twelve clients, contrary to MFDA Rule 2.1.1.
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 conducted business in the Waterloo, 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, firstname.lastname@example.org