MFDA Hearing Panel approves four settlement agreements in signature cases
TORONTO, Jan. 31, 2017 /CNW/ - On January 26, 2017, a three-person 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:
John Holowaty
A settlement hearing in the matter of John Holowaty ("Holowaty") was held on January 26, 2017 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Holowaty, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $7,500;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Holowaty admitted that:
| a) |
between June 2008 and May 2015, he falsified six (6) account forms in respect of one (1) client by altering information on the account forms without obtaining client initials authorizing the alterations; and |
| b) |
between June 2008 and May 2015, he obtained and possessed, six (6) pre-signed account forms in respect of two (2) clients. |
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Holowaty carried on business in Thunder Bay, Ontario.
Brian Cormier
A settlement hearing in the matter of Brian Thomas Cormier ("Cormier") was held on January 26, 2017 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Cormier, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $4,000;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Cormier admitted that between December 2009 and May 2015, he obtained, possessed, and in some instances, used to process transactions, ten (10) pre-signed account forms in respect of six (6) 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, Cormier carried on business in Toronto, Ontario.
Giuseppe Cichello
A settlement hearing in the matter of Giuseppe Cichello ("Cichello") was held on January 26, 2017 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Cichello, as a consequence of which the following sanctions were imposed:
- costs in the amount of $1,000;
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of five (5) months; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Cichello admitted that between May 11, 2015 and May 13, 2015, he falsified three (3) client signatures on account forms, and used the account forms to process transactions, 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, Cichello carried on business in the Greater Toronto Area.
Johnathan Bradley Hare
A settlement hearing in the matter of Johnathan Bradley Hare ("Hare") was held on January 26, 2017 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Hare, as a consequence of which the following sanctions were imposed:
- costs in the amount of $1,000;
- prohibition from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of 12 months; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Hare admitted that between November 2014 and May 2015, he falsified eight (8) client signatures on account forms in respect of six (6) clients, and in some instances, used the forms to process transactions, 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, Hare carried on business in Cambridge, Ontario.
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
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Charles Toth, Director, Litigation, 416-943-4619, [email protected]
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