MFDA Hearing Panel accepts settlement agreement with Nelson Osedele

TORONTO, March 7, 2022 /CNW/ - A settlement hearing in the matter of Nelson Osedele (the "Respondent") was held electronically by videoconference 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 February 8, 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 $10,000 ("Fine");
• costs in the amount of $2,500 ("Costs");
• payment of the Fine and Costs shall be made as follows:
• $2,500 on March 7, 2022;
• $3,300 on or before April 29, 2022;
• $3,300 on or before May 31, 2022;
• $3,400 on or before June 30, 2022; and
• shall in the future comply with MFDA Rules 2.1.1, 2.2.1, and 2.2.2.

In the Settlement Agreement, the Respondent admitted, on or about February 28, 2020, he:

1. opened an account without communicating with the account holder;
2. submitted an account application form that he knew was not signed by the account holder and which did not contain the account holder's Know Your Client information; and
3. processed a trade without the account holder's authorization,
   contrary to MFDA Rules 2.1.1, 2.2.1, and 2.2.2.

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 Whitby, 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]