MFDA Hearing Panel accepts settlement agreement with William McTavish

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Mutual Fund Dealers Association of Canada

Sep 13, 2022, 17:26 ET

TORONTO, Sept. 13, 2022 /CNW/ - A settlement hearing in the matter of William McTavish (the "Respondent") was held electronically by videoconference on September 8, 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 July 22, 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 $22,000;
  • 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:

      1. between and September 26, 2017 and March 2, 2021, he obtained, possessed and used to process transactions, 8 pre-signed account forms in respect of 8 clients, contrary to MFDA Rule 2.1.1; and

      2. between August 17, 2017 and November 5, 2020, he altered and used to process transactions, 21 account forms in respect of 16 clients, by altering information on the account forms without having the client initial the alterations, 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 carried on business in the Newmarket, 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 76,695 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]

Organization Profile

Mutual Fund Dealers Association of Canada

The Mutual Fund Dealers Association of Canada (MFDA) is the national self-regulatory organization (SRO) for the distribution side of the Canadian mutual fund industry. It was established in June 1998 at the initiative of the Canadian Securities Administrators. The MFDA...