MFDA Hearing Panel accepts settlement agreement with Jonathan MacPherson
TORONTO, Jan. 26, 2017 /CNW/ - A settlement hearing in the matter of Jonathan Robert MacPherson (the "Respondent") took place on January 24, 2017 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 (the "Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- shall be prohibited from conducting securities related business while in the employ of or associated with any MFDA Member for a period of five (5) years.
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.1.1 and 2.3.1.
In the Settlement Agreement, the Respondent admitted that:
| a) |
between March 24, 2011 and October 10, 2013, he falsified: |
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| i. |
the signatures of clients KM and MM on five documents, which were used to process the authorized transfer of spousal RSP and RESP investments to the Member; |
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| ii. |
client JT's signature on three LIRA account documents; |
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| iii. |
client NC and AD's initials on an investment loan application; |
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| iv. |
the March 24, 2011 note entry in client KM and MM's client file; and |
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| v. |
the October 10, 2013 note entry in client JT's client file, |
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| all of which, was contrary to MFDA Rule 2.1.1; |
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| b) |
between March 24, 2011 and February 12, 2014, he failed to advise clients KM, MM, NC and AD that they might be required to pay a deferred sales charge on the subsequent sale of certain fund units, and the fee schedule that would apply to the deferred sales charge, thereby failing to deal fairly, honestly and in good faith with his clients, contrary to MFDA Rule 2.1.1; |
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| c) |
between December 19, 2013 and December 31, 2013, he engaged in unauthorized discretionary trading in the account of clients NC and AD, contrary to MFDA Rules 2.3.1 and 2.1.1; and |
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| d) |
between December 12, 2013 and February 12, 2014, he obtained, possessed and/or used at least two pre-signed client account forms, contrary to MFDA Rule 2.1.1. |
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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 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
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Charles Toth, Director, Litigation, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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