MFDA Hearing Panel accepts settlement agreement with Adele Harumi Hamer

TORONTO, May 20, 2022 /CNW/ - A settlement hearing in the matter of Adele Harumi Hamer (the "Respondent") was held electronically by videoconference on May 16, 2022 in Calgary, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel accepted the settlement agreement dated April 20, 2022 (the "Settlement Agreement"), between Staff of the MFDA and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:

• a permanent prohibition from acting as a branch manager or in any supervisory capacity for a Member of the MFDA;
• a prohibition from conducting securities related business in any capacity while in the employ of or in association with a Member of the MFDA for one month, commencing May 17, 2022;
• a fine in the amount of $12,500 ("Fine");
• costs in the amount of $2,500 ("Costs");
• payment of the Fine and Costs shall be made in instalments as follows:
• $7,500 (Fine) and $2,500 (Costs) on May 16, 2022;
• $833.33 (Fine) on or before June 30, 2022;
• $833.33 (Fine) on or before July 29, 2022;
• $833.33 (Fine) on or before August 31, 2022;
• $833.33 (Fine) on or before September 30, 2022;
• $833.33 (Fine) on or before October 31, 2022;
• $833.35 (Fine) on or before November 30, 2022;
• shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an ethics course acceptable to Staff of the MFDA, prior to becoming re-registered as a dealing representative with a Member of the MFDA; and
• shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

a)  on or about November 7, 2020, the Respondent signed the signature of a client on two account forms and submitted the forms to the Member for processing, contrary to MFDA Rule 2.1.1; and

b)  on or about November 7, 2020, the Respondent signed the signature of a branch manager on two account forms and submitted the forms to the Member for processing, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Calgary, Alberta 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 80,000 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, Vice-President, Enforcement, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]