MFDA Hearing Panel approves Settlement Agreement with Brodie Pattenden

TORONTO, March 7, 2014 /CNW/ - A Settlement Hearing in the matter of Brodie James Pattenden (the "Respondent") was held yesterday in Calgary, Alberta before a Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent:

• shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one (1) year;
• has paid a fine of $5,000;
• has paid $1,500 in costs; and
• shall in the future comply with MFDA Rule 2.1.1 and 2.3.1(a).

In the Settlement Agreement, the Respondent admitted that between November 19, 2011 and April 23, 2012, he established pre-authorized contribution programs (PAC's) in the accounts of 15 clients without the clients' knowledge, approval or instructions, 13 of which he cancelled before the first contribution was made, in an attempt to meet a sales target, thereby engaging in conduct unbecoming an Approved Person and failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1(b) and (c).

The Hearing Panel advised that it will issue written reasons for its decision to accept the Settlement Agreement in due course.

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 Calgary, Alberta.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 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]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]