MFDA Hearing Panel approves Settlement Agreement with Duane Roy

TORONTO, March 7, 2014 /CNW/ - A Settlement Hearing in the matter of Duane Roy (the "Respondent") was held yesterday in Toronto, Ontario before a three-member Hearing Panel of the Central 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 has paid a fine of $5,000 and has paid costs of $2,500. In the Settlement Agreement, the Respondent admitted that, between 2007 and 2012, he maintained and used to complete transactions, 57 account forms involving 21 clients where the account forms were blank or only partially complete at the time the Respondent arranged for the clients to sign them, or the Respondent falsified the clients' signatures on the account forms, contrary to MFDA Rule 2.1.1.

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 Toronto, Ontario.

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]