TORONTO, June 5, 2013 /CNW/ - The MFDA today announced that it has issued a second Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Pacific Regional Council.
The settlement agreement will be between Staff of the MFDA and Corey William McPherson (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 the Respondent failed to observe high standards of ethics and conduct in the transaction of business by falsifying a client signature on a client account document which was required by the Member in order to facilitate the completion of the transfer of monies from another financial institution by ensuring the correct mutual fund was purchased with the transferred monies, contrary to MFDA Rule 2.1.1(b).
At the first settlement hearing held on April 22, 2013, the Hearing Panel declined to approve an earlier settlement agreement entered into between Staff of the MFDA and the Respondent concerning the same subject matter. Following that hearing, the MFDA and the Respondent were free to attempt to reach a different settlement or the MFDA could issue a Notice of Hearing under sections 20 and 24 of MFDA By-law No. 1 in respect of the events that were the subject of the Settlement Hearing.
The second settlement hearing is scheduled to take place on July 23, 2013 commencing at 2:00 p.m. (Pacific) in the hearing room located at the Victoria Executive Centre, 915 Fort Street, 3rd Floor, Victoria, British Columbia. The hearing will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Director of Litigation
Vice-President, Pacific Region