MFDA Hearing Panel accepts settlement agreement with David McMillan
TORONTO, ON, Aug. 18, 2021 /CNW/ - A settlement hearing in the matter of David Juno McMillan ("Respondent") was held today by electronic hearing in Toronto, Ontario, before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement dated July 8, 2021 ("Settlement Agreement"), between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $30,000;
- costs in the amount of $2,500;
- shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an industry course acceptable to Staff of the MFDA, within one year of the acceptance of the Settlement Agreement; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) |
between August 23, 2017 and November 4, 2019, he obtained, possessed and used to process transactions, 83 pre-signed account forms in respect of 57 clients, contrary to MFDA Rule 2.1.1; |
b) |
between October 13, 2017 and June 9, 2019, he altered and used to process transactions, 11 account forms in respect of 12 clients, by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and |
c) |
on or about October 1, 2018 and December 19, 2018, he re-used the signatures of 2 clients on 3 account forms by photocopying a signature from a previously signed form to complete a new transaction and submitting the account 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 conducted business in the Gormley, Ontario 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]
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