MFDA Hearing Panel approves settlement agreement with Laurina Mahendran
TORONTO, May 29, 2019 /CNW/ - A settlement hearing in the matter of Laurina Mahendran ("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 approved the settlement agreement dated February 21, 2019 ("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 $10,000; and
- costs in the amount of $2,500.
In the Settlement Agreement, the Respondent admitted that on July 4, 2016, she processed four redemptions in client RM's RRSP account without first obtaining the client's authorization for the transactions and without meeting with the client at the branch office to obtain his signature on documentation authorizing the transaction, contrary to the Member's policies and procedures and MFDA Rules 2.1.1, 2.5.1, 2.10 and 1.1.2.
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 Scarborough, Ontario 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 81,000 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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