MFDA Hearing Panel issues Reasons for Decision in the matter of Karen Grenke

TORONTO, Jan. 25, 2016 /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 7, 2015 in the matter of Karen Grenke (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 25, 2016, the Hearing Panel confirmed the following sanctions imposed on the Respondent:

• a fine in the amount of $7,500;
• costs in the amount of $2,500;
• shall be prohibited from conducting securities related business in any capacity while in the employ or associated with any Member of the MFDA for a period of one year from the date of the settlement hearing; and
• shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

(a)	between September 2007 and April 2014, she obtained, possessed, and in some instances, used to process transactions, 86 pre-signed account forms with respect of 54 clients, contrary to MFDA Rule 2.1.1;
(b)	between September 2007 and April 2014, she falsified, and in all but one instance, used to process transactions, 101 account forms with respect of 70 clients, contrary to MFDA Rule 2.1.1; and
(c)	On February 12, 2012 and on March 22, 2013, she mislead the Member in her responses to various questions contained in the Member's Annual Compliance Declaration, 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 carried on business in the Timmins, 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 101 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

Charles Toth, Director, Litigation, 416-943-4619, [email protected]