MFDA announces settlement hearing to take place in respect of Nathan Garries

TORONTO, Aug. 16, 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 Prairie Regional Council.

The settlement agreement will be between Staff of the MFDA and Nathan Garries (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The subject matter of the proposed Settlement Agreement concerns the allegations that the Respondent:

a)	between May 1, 2013 and October 31, 2013, processed 306 authorized discretionary trades as part of a dollar-cost averaging strategy in relation to 38 clients, contrary to MFDA Rules 2.3.1 and 2.1.1;
b)	between September 2, 2010 and June 3, 2014, failed to record and maintain evidence of client trade instructions with respect to 340 transactions that he processed pursuant to Limited Trading Authorizations for 48 clients, contrary to MFDA Rules 2.1.1, and 5.1(b);
c)	between November 12, 2008 and July 18, 2014, obtained, possessed and, in some instances, used to process transactions, 54 pre-signed account forms or photocopies of pre-signed account forms in respect of 19 clients, contrary to MFDA Rule 2.1.1; and
d)	between January 21, 2011 and May 23, 2014, falsified and used to process transactions, 14 client account forms in respect of 13 clients, by altering client account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.

The settlement hearing is scheduled to take place on October 24, 2016, commencing at 10:00 a.m. (Mountain), or as soon thereafter as the hearing can be held, at Delta Edmonton Centre Suites Hotel, located at, 10222 – 102 Street, Edmonton, Alberta. MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.

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 carried on business in Edmonton, Alberta.

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

Charles Toth, Director, Litigation, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]