MFDA Hearing Panel accepts settlement agreement with Liliana Marin

TORONTO, April 8, 2022 /CNW/ - A settlement hearing in the matter of Liliana Teresa Marin (the "Respondent") was held electronically by videoconference on April 6, 2022 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 April 4, 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 prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one year, commencing on April 6, 2022;
• a fine in the amount of $10,000, payable as follows:
• $2,500 on April 6, 2022;
• $1,875 on or before May 31, 2022;
• $1,875 on or before June 30, 2022;
• $1,875 on or before July 31, 2022;
• $1,875 on or before August 31, 2022; and
• costs in the amount of $7,500.

In the Settlement Agreement, the Respondent admitted that between January 2016 and November 2019, she engaged in personal financial dealings with a client by depositing cheques from the client into a bank account that she could access or control and paid the proceeds of those cheques to the client or to third parties on behalf of the client in accordance with the client's directions, thereby engaging in conduct which gave rise to a conflict or potential conflict of interest that she failed to disclose to the Member or otherwise ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the Member's policies and procedures and MFDA Rules 2.1.4 and 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 Toronto, 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]