TORONTO, Dec. 16, 2019 /CNW/ - A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons dated December 13, 2019 ("Decision and Reasons") in connection with a disciplinary hearing held in Vancouver, British Columbia on November 14, 2019 in the matter of Mark Richard Wagner ("Respondent").
In its Decision and Reasons, the Hearing Panel outlined its findings of misconduct made against the Respondent. In particular:
Allegation #1: Between October 2010 and December 2016, the Respondent altered and, in some instances, used to process transactions, 11 account forms in respect of 7 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.
Allegation #2: Between September 2013 and November 2015, the Respondent obtained, possessed, and in some instances, used to process transactions, 8 pre-signed account forms in respect of 7 clients, contrary to MFDA Rule 2.1.1.
Allegation #3: In April 2013, the Respondent submitted 2 Limited Trading Authorization forms to the Member for processing with respect to 2 clients on which he falsely indicated that he had witnessed the clients' signatures, contrary to the Member's policies and procedures, and MFDA Rules 2.5.1, 1.1.2, and 2.1.1.
In its Decision and Reasons, the Hearing Panel imposed the following sanctions on the Respondent:
- a fine in the amount of $12,500; and
- costs in the amount of $7,500.
A copy of the Decision and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons, the Respondent conducted business in the Kelowna, British Columbia 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 81,000 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