MFDA Hearing Panel approves settlement agreement with Gerard Nash
TORONTO, Dec. 5, 2018 /CNW/ - A settlement hearing in the matter of Gerard Augustine Nash ("Respondent") was held on December 4, 2018 in St. John's, Newfoundland before a three-person Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated October 30, 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 $13,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) |
between February 2011 and February 2017, he obtained, possessed, and in some instances, used to process transactions, 29 pre-signed account forms in respect of 23 clients, contrary to MFDA Rule 2.1.1; and |
b) |
on or about September 23, 2013, he altered one account form in respect of one client by altering information on the account form without having the client initial the alterations, 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 St. John's, Newfoundland and Labrador 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]
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