MFDA Hearing Panel approves four settlement agreements in signature cases
TORONTO, Dec. 19, 2016 /CNW/ - On December 15, 2016, a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following four (4) proceedings, the particulars of which are:
Claude Vaillancourt
A settlement hearing in the matter of Claude Armand Vaillancourt ("Vaillancourt") was held on December 15, 2016 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Vaillancourt, as a consequence of which the following penalties and costs were imposed:
- a fine in the amount of $11,500 (the "Fine");
- the Fine shall be payable in 12 installments in the amount of $958.33 each, which are due on or before the final business day of the 12 months that follow the date of the acceptance of the settlement agreement by the Hearing Panel;
- costs in the amount of $2,500;
- a prohibition from conducting securities related business in the capacity of branch manager or any other supervisory capacity for a period of 12 months for a Member of the MFDA;
- shall successfully complete the branch manager course offered by the Canadian Securities Institute before seeking re-designation as a branch manager; and
- shall in the future comply with MFDA Rules 2.5.5(f) and 2.1.1.
In the Settlement Agreement, Vaillancourt admitted that:
| a) |
between January 2009 and February 2015, he obtained, possessed, and used to process trades, 76 pre-signed account forms in respect of 14 clients; and |
| b) |
between January 2009 and February 2015, he, acting in the capacity as alternate branch manager, reviewed and approved the use of 36 pre-signed account forms, contrary to MFDA Rules 2.5.5(f) 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, Vaillancourt conducted business in Mississauga, Ontario.
Mary Joudrey
A settlement hearing in the matter of Mary Christine Joudrey ("Joudrey") was held on December 15, 2016 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Joudrey, as a consequence of which the following penalties and costs were imposed:
- a one (1) year prohibition from conducting securities related business for which registration is required, in any capacity, while in the employ of or associated with any Member of the MFDA;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Joudrey admitted that between February 2008 and March 2015, she altered or used to process transactions, 162 account forms by altering information on the account forms without obtaining client initials authorizing the alterations, and, obtained or used to process transactions, 178 pre-signed account forms, 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, Joudrey carried on business in the Niagara Falls, Ontario Area.
Leonard Doyle
A settlement hearing in the matter of Leonard Ambrose Doyle ("Leonard Doyle") was held on December 15, 2016 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Leonard Doyle, as a consequence of which the following penalties and costs were imposed:
- a fine in the amount of $15,000;
- costs in the amount of $2,500;
- a prohibition from conducting securities related business in any capacity while in the employ or associated with any MFDA Member for a period of one (1) year;
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Leonard Doyle admitted that between August 2004 and March 2015, he, or his assistants for whom he was responsible, altered, and in some instances, used to process transactions, 145 account forms by altering information on the account forms without obtaining client initials authorizing the alterations, and, obtained, possessed, and in some instances, used to process transactions, 246 pre-signed account forms, 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, Leonard Doyle carried on business in the Niagara Falls, Ontario Area.
Andrew Doyle
A settlement hearing in the matter of Andrew Leonard Doyle ("Andrew Doyle") was held on December 15, 2016 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Andrew Doyle, as a consequence of which the following penalties and costs were imposed:
- a fine in the amount of $17,500;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Andrew Doyle admitted that between September 2009 and March 2015, he, or his assistants, for whom he was responsible, altered and in some instances, used to process transactions, 60 account forms by altering information on the account forms without obtaining client initials authorizing the alterations and, obtained, possessed, and in some instances, used to process transactions, 65 pre-signed account forms, 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, Andrew Doyle carried on business in the Niagara Falls, 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 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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