TORONTO, Aug. 1, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Royston Nigel Kenyetta Thompson ("Respondent") by Notice of Hearing dated January 24, 2018.
The hearing of this matter on its merits took place July 26, 2018 in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts dated June 21, 2018, in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which he could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1.
In particular, the Respondent admitted that between July 2014 and April 2016, he obtained, possessed and, in some instances, used to process transactions, 11 pre-signed account forms in respect of four clients, contrary to MFDA Rule 2.1.1.
Following submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a verbal reprimand;
- a suspension from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of six months;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rule 2.1.1.
Copies of the Notice of Hearing and Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent conducted business in the Whitby, 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 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, [email protected]