MFDA Hearing Panel approves settlement agreement with Cristina Cruz
TORONTO, Jan. 21, 2019 /CNW/ - A settlement hearing in the matter of Cristina Cruz ("Respondent") was held today in Edmonton, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated December 4, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $12,500;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) |
between November 2011 and March 2016, she obtained, possessed, and used to process transactions, 12 pre-signed account forms in respect of 11 clients, contrary to MFDA Rule 2.1.1; |
b) |
between June 2013 and March 2017, she altered and used to process transactions, nine account forms in respect of eight clients, by altering the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and |
c) |
in July 2015, she photocopied the signature page from an account form that had been signed by the client and re-used the signature page to complete an additional form, 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, the Respondent conducted business in the Edmonton, Alberta 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 82,000 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, Managing Director, Litigation, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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