MFDA Hearing Panel accepts settlement agreement with Mary Innes
TORONTO, Sept. 24, 2020 /CNW/ - A settlement hearing in the matter of Mary Elizabeth Innes ("Respondent") was held by electronic hearing today 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 20, 2020 ("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 $9,000; and
- costs in the amount of $2,500; and
- a prohibition from acting as a branch manager or in any supervisory capacity for a Member of the MFDA for a period of 6 months;
- shall successfully complete the branch manager's course prior to acting as a branch manager in the future; and
- shall in the future comply with MFDA Rules 2.5.5(f) and 2.1.1.
In the Settlement Agreement, the Respondent admitted that between January 2013 and October 2018, acting in her capacity as branch manager, she reviewed and approved the use of a total of 113 pre-signed and altered account forms, contrary to MFDA Rules 2.5.5(f) 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 conducted business in the Bellville, 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 81,000 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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