MFDA Hearing Panel accepts settlement agreement with Orrin Gilmour
TORONTO, Jan. 5, 2021 /CNW/ - A settlement hearing in the matter of Orrin Gilmour ("Respondent") was held by electronic hearing on January 5, 2021, 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 November 18, 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 $13,500; and
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) |
between February 9, 2019 and March 23, 2019, he signed the signature or initials of 1 client on 3 forms, and submitted the forms to the Member for processing, contrary to MFDA Rule 2.1.1; and |
b) |
on or around March 27, 2019, he misled the Member when he falsely denied to his branch manager that he signed the client's signature on an account form, 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 conducted business in the Ottawa, 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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