TORONTO, Sept. 1, 2016 /CNW/ - A Hearing Panel of the Prairie 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 Edmonton, Alberta, on July 19, 2016 in the matter of Michelle Morgan Poirier (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 August 31, 2016, the Hearing Panel confirmed the following sanctions imposed on the Respondent:
- a fine in the amount of $7,500, payable as follows:
- $2,500 upon acceptance of the Settlement Agreement;
- $5,000 within 30 days, following the acceptance of the Settlement Agreement;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rules 2.3.1 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that between August 15, 2013 and December 10, 2013, she engaged in discretionary trading in client MC's account by processing four (4) trades totaling approximately $30,600, contrary to MFDA Rules 2.3.1 and 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 Edmonton, Alberta.
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