MFDA Hearing Panel accepts settlement agreement with Richard Boker

TORONTO, Feb. 28, 2022 /CNW/ - A settlement hearing in the matter of Richard Verm Boker (the "Respondent") was held electronically by videoconference on February 22, 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 December 21, 2021 (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 permanent prohibition from acting as a Branch Manager or acting in any other MFDA related supervisory capacity while in the employ of or associated with any MFDA Member;
• a prohibition from conducting securities related business in any capacity while in the employ of or in association with a Member of the MFDA for a period of seven years, commencing on February 22, 2022;
• a fine in the amount of $22,000 ("Fine");
• costs in the amount of $5,000 ("Costs");
• payment of the Fine and Costs shall be made as follows:
• $10,000 on February 22, 2022;
• $17,000 on or before March 31, 2022; and
• shall in the future comply with MFDA Rule 2.1.4 and 1.1.2.

In the Settlement Agreement, the Respondent admitted that, between 2010 and 2018, he engaged in personal financial dealings with 12 clients by borrowing at least $177,900 from the clients, thereby giving rise to conflicts of interest or potential conflicts of interest that he failed to disclose to the Member and address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to 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 conducted business in the Thornton, 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]