MFDA Hearing Panel approves five settlement agreements
TORONTO, June 29, 2017 /CNW/ - On June 29, 2017, a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following five (5) proceedings, the particulars of which are:
Claudette Gleeson
A settlement hearing in the matter of Claudette Rose Marie Gleeson ("Gleeson") was held on June 29, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Gleeson, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $9,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Gleeson admitted that between November 2007 and August 2015, she obtained, possessed, and in some instances, used to process transactions, 34 pre-signed account forms in respect of eight (8) clients, 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, Gleeson carried on business the Thunder Bay, Ontario area.
David Boulton
A settlement hearing in the matter of David Duncan Boulton ("Boulton") was held on Jun 29, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Boulton, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $6,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1
In the Settlement Agreement, Boulton admitted that:
| a) |
between February 2010 and August 2014, he obtained, possessed, and in some instances, used to process transactions, four (4) pre-signed account forms in respect of four (4) clients, contrary to MFDA Rule 2.1.1; and |
| b) |
between 2010 and 2014, he failed to accurately respond to the Member's annual compliance questionnaire by incorrectly affirming that he did not maintain any pre-signed account forms in client files, 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, Boulton carried on business in the Uxbridge, Ontario area.
Walter Georgijev
A settlement hearing in the matter of Walter Vlado Georgijev ("Georgijev") was held on June 29, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Georgijev, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $10,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Georgijev admitted that:
| a) |
between February 2014 and May 2015, he falsified and used to process transactions, three (3) account forms by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and |
| b) |
between February 2014 and May 2015, he obtained, possessed, and in some instances, used to process transactions, 24 pre-signed account forms in respect of ten (10) clients, 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, Georgijev carried on business in London, Ontario.
Camilo Tabalba
A settlement hearing in the matter of Camilo Tabalba ("Tabalba") was held on June 29, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Tabalba, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $5,000;
- costs in the amount of $2,500;
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of one (1) month; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Tabalba admitted that between January 2009 and August 2015, he obtained, possessed, and in some instances, used to process transactions, 21 pre-signed account forms in respect of 13 clients, 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, Tabalba carried on business in the Kanata, Ontario area.
Ravi Malhotra
A settlement hearing in the matter of Ravi Malhotra ("Malhotra") was held on June 29, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Malhotra, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $7,500; ("Fine");
- costs in the amount of $2,500; ("Costs");
- shall pay the Fine and Costs in certified funds as follows:
- $1,500 payable upon entering into the Settlement Agreement; an
- $8,500 payable on July 28, 2017;
- if Malhotra fails to make any of the payments described above, any outstanding balance of the Fine and Costs shall become immediately due and payable to the MFDA and Malhotra shall be immediately suspended from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA until such time as the total amount of the Fine and Costs owed by Malhotra is paid to the MFDA;
- shall be prohibited from acting in the capacity of branch manager for a period of three (3) months; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Malhotra admitted that between January 2010 and May 2015, he obtained and possessed, 14 pre-signed account forms in respect of 13 clients, 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, Malhotra carried on business in the Greater Toronto 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 83,000 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, Director, Litigation, 416-943-4619, [email protected]
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