MFDA Hearing Panel accepts settlement agreement with Jeffrey Milne

TORONTO, March 24, 2022 /CNW/ - A settlement hearing in the matter of Jeffrey Alistair Milne (the "Respondent") was held electronically by videoconference on March 18, 2022 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel accepted the settlement agreement dated March 11, 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 fine in the amount of $22,500 ("Fine");
  
  
• costs in the amount of $2,500 ("Costs");
  
  
• payment of the Fine and Costs shall be made as follows:
• $6,250 on March 18, 2022;
• $6,250 on or before April 29, 2022;
• $6,250 on or before May 31, 2022;
• $6,250 on or before June 30, 2022; and
  
  
• shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

1. between February 2015 and February 2019, he obtained and possessed 60 pre-signed account forms in respect of 33 clients, contrary to MFDA Rule 2.1.1; and
2. between 2015 and 2019, he falsely represented to the Member on its annual compliance confirmations that he did not accept, solicit, or maintain any pre-signed account forms, 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 Surrey, British Columbia 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]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]