TORONTO, May 10, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Atlantic Regional Council.
The settlement agreement will be between Staff of the MFDA and Charles Edward Symes (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that:
between January 2006 and July 2014, the Respondent altered and, in some instances, used to process transactions, 18 account forms in respect of 13 clients, and
between 2004 and January 2015, the Respondent obtained and possessed three (3) pre-signed account forms in respect of three (3) clients, contrary to MFDA Rule 2.1.1.
The settlement hearing is scheduled to take place on July 15, 2016, commencing at 10:00 a.m. (Atlantic), or as soon thereafter as the matter can be heard, at a venue to be announced in Moncton, New Brunswick, and will be open to the public, unless and to the extent that the Hearing Panel determines that all or part of the settlement hearing should proceed in the absence of the public. If the Hearing Panel accepts the settlement agreement, then a copy of the decision of the Hearing Panel and the settlement agreement will be made available to the public.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent conducted business in the Moncton, New Brunswick 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]