TORONTO, April 9, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Donald Wayne O'Connor ("Respondent") by Notice of Hearing dated May 16, 2017.
A disciplinary hearing in this matter took place on April 5 and 6, 2018 in Calgary, Alberta before a three-member Hearing Panel of the MFDA's Prairie Regional Council. After receiving evidence and hearing submissions from the parties, the Hearing Panel found that the two allegations concerning the Respondent set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct against the Respondent:
Allegation #1: between April 2011 and June 2015, he obtained, possessed, and used to process transactions, 189 pre-signed account forms in respect of 26 clients, contrary to MFDA Rule 2.1.1.
Allegation #2: in July 2015, he failed to comply with the Member's policies and procedures by failing to record and maintain evidence of client trade instructions with respect to two transactions in respect of two clients, contrary to MFDA Rules 2.5.1, 1.1.2, and 2.1.1.
The Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a fine in the amount of $25,000; and
- costs in the amount of $5,000.
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 82,000 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