TORONTO, May 21, 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 April 20, 2015 in the matter of Mary Lauretta Stanley-Beitz (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 May 20, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent:
- shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six (6) months;
- has paid a fine in the amount of $2,500; and
- has paid costs in the amount of $2,500.
In the Settlement Agreement, the Respondent admitted that between 2010 and November 2012, she obtained, maintained and, in some instances, used to process transactions, 174 pre-signed blank or partially completed forms in respect of 70 client accounts, 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 and around Kincardine, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 104 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: Shaun Devlin, Senior Vice-President, Member Regulation, Enforcement, 416-943-4672, [email protected]