TORONTO, Aug. 9, 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 May 26, 2016 in the matter of Richard Fenton (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 8, 2016, (the "Reasons for Decision") the Hearing Panel confirmed the following sanctions imposed on the Respondent:
- a fine in the amount of $8,000;
- costs in the amount of $2,500;
- shall successfully complete the branch manager's course offered by the Canadian Securities Institute within six (6) months of the date of the acceptance of the Settlement Agreement; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) between April 2006 and August 2014, he obtained, possessed, and in some instances, used to process transactions, twelve (12) pre-signed account forms in respect of eight (8) clients, contrary to MFDA Rule 2.1.1; and
b) between 2007 and 2014, he failed to accurately respond to the Member's Annual Attestations for Approved Persons, 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 Orillia, 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, [email protected]