MFDA Hearing Panel approves settlement agreement with Natascha Stutz
TORONTO, Jan. 23, 2019 /CNW/ - A settlement hearing in the matter of Natascha Nadine Stutz ("Respondent") was held yesterday in Toronto, Ontario before a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated December 18, 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 prohibition from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period six months;
- a fine in the amount of $15,000;
- costs in the amount of $5,000; and
- in the future shall comply with MFDA Rule 2.1.1, 2.3.1(a), 5.1(b), 2.5.1, 2.10, and 1.1.2.
In the Settlement Agreement, the Respondent admitted that:
a) |
between August 11, 2011 and December 3, 2014, she submitted to the Member for processing, 11 redemptions from the registered accounts of two clients based on instructions from third parties who did not have trading authorization on the accounts, without confirming those instructions with the clients, thereby engaging in unauthorized trading, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.3.1(a), 2.10, and 1.1.2. |
b) |
between May 20, 2011 and December 3, 2014, she created and submitted to the Member for processing, 31 trading forms, which indicated that the Respondent had confirmed instructions by telephone when such confirmations had not been made, thereby contravening the Member's policies and procedures, contrary to MFDA Rules 2.1.1. 2.5.1, and 1.1.2. |
c) |
between May 20, 2011 and December 3, 2014, she failed to keep adequate and accurate documentation and notes of investment instructions that she received, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 5.1(b), 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 Waterloo & St. Jacobs, 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 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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