MFDA Hearing Panel accepts Settlement Agreement with Stephen Fricker
TORONTO, March 3, 2015 /CNW/ - A Settlement Hearing in the matter of Stephen Gill Fricker (the "Respondent") was held 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 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- has paid a fine in the amount of $15,000;
- has paid costs in the amount of $5,000; and
- shall in future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations.
In the Settlement Agreement, the Respondent admitted that:
| a) |
in September 2008, he failed to follow instructions received from clients PC, SC and F-Co. by not selling or switching out of, the clients' holdings in a specific mutual fund, the CI Signature High Income Fund, in the clients' accounts, contrary to MFDA Rule 2.1.1; and |
| b) |
between September 16, 2008 and October 1, 2008, he misapprehended the risk rating of the CI Signature High Income Fund and failed to make himself aware of all of the risks of that fund, contrary to MFDA Rule 2.2.1(a). |
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 Hamilton, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 107 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
Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]
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