TORONTO, Sept. 9, 2015 /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 Winnipeg, Manitoba on March 6, 2015 in the matter of Paul Jerome Edmond (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 September 9, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely:
- a fine in the amount of $10,000;
- costs in the amount of $ 2,500;
- prohibition from acting in a compliance or supervisory capacity with a Member for a period of six (6) months from the date of the acceptance of the Settlement Agreement by the Hearing Panel; and
- shall in the future comply with all MFDA By-laws, Rules and Policies and all applicable securities legislation and regulations made thereunder including MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between February 2008 and April 2013, he obtained, maintained, and used to process transactions, a total of 74 blank pre-signed account forms or photocopies of partially complete pre-signed account forms which he altered after the clients had signed the account forms, in respect of 30 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 the Winnipeg, Manitoba area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 Members and their over 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