MFDA Hearing Panel approves Settlement Agreement with Clayton Swerdelian
TORONTO, May 4, 2015 /CNW/ - A settlement hearing in the matter of Clayton Kurt Swerdelian (the "Respondent") was held on February 26, 2015 in Calgary, Alberta before a Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel has approved the Settlement Agreement ("Settlement Agreement") between Staff of the MFDA 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 six (6) months from the date of the acceptance of the Settlement Agreement by the Hearing Panel;
- has paid a fine in the amount of $10,000;
- has paid costs in the amount of $5,000;
- shall in future comply with MFDA Rules 1.2.1(c), 2.4.2, 2.1.4 and MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- from January 2008 to March 2009, he referred 13 clients and 12 individuals to Pacific Financial and Investec to obtain loans in the total amount of $942,000 and received referral fees in the amount of $9,420 for doing so, such that he:
| i) |
had and continued in another gainful occupation for which he did not obtain written approval from the Members with whom he was registered, contrary to MFDA Rules 1.2.1(d) and 2.1.1; and |
| ii) |
entered into a referral arrangement as it related to the loans, contrary to MFDA Rules 2.4.2, 2.1.4 and 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 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 104 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
Shaun Devlin, Senior Vice-President, Member Regulation, Enforcement, 416-943-4672, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
Share this article