MFDA Hearing Panel accepts settlement agreement with Gerald William Doyle
TORONTO, Dec. 13, 2016 /CNW/ - A settlement hearing in the matter of Gerald William Doyle (the "Respondent") was held on December 13, 2016 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 (the "Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following penalties and costs were imposed:
- a fine in the amount of $40,000; and
- costs in the amount of $5,000.
In the Settlement Agreement, the Respondent admitted that:
| a) |
between September 16, 2013 and March 5, 2014, he permitted SL to engage in securities related business in respect of IG clients when he knew or ought to have known that SL was not registered as a mutual fund salesperson with IG, contrary to MFDA Rules 1.1.1, 1.1.3, and 2.1.1; |
| b) |
between November 26, 2013 and March 5, 2014, he opened eight (8) new accounts and processed trades for at least 26 IG clients without meeting or obtaining instructions from the clients, thereby failing to perform the necessary due diligence to learn the essential facts relative to the clients and failing to ensure that the investments were suitable and appropriate for the clients, contrary to MFDA Rules 2.2.1 and 2.1.1; and |
| c) |
in September 2014, he maintained blank pre-signed transfer authorization forms for two (2) clients, thereby failing to observe high standards of ethics and conduct in the transaction of business and engaging in conduct unbecoming an Approved Person, 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 Ottawa, 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 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]
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