MFDA Hearing Panel approves settlement agreement with Neil MacDonald
TORONTO, July 25, 2018 /CNW/ - A settlement hearing in the matter of Neil Robert MacDonald ("Respondent") was held yesterday in Vancouver, British Columbia before a Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement ("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 payable in the amount of $6,000; ("Fine")
- costs payable in the amount of $2,500; ("Costs")
- payment of the Fine and Costs shall be made to and received by MFDA Staff in certified funds as follows:
- $2,500 (Costs) upon acceptance of the Settlement Agreement;
- $1,000 on or before the last business day of the first month following the date of Settlement Agreement;
- $1,000 on or before the last business day of the second month following the date of Settlement Agreement;
- $1,000 on or before the last business day of the third month following the date of Settlement Agreement;
- $1,000 on or before the last business day of the fourth month following the date of Settlement Agreement;
- $1,000 on or before the last business day of the fifth month following the date of Settlement Agreement;
- $1,000 on or before the last business day of the sixth month following the date of Settlement Agreement;
- if he fails to make any of the payments described above then:
- any outstanding balance of the Fine shall become immediately due and payable to the MFDA; and
- he shall be suspended from conducting securities related business while in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine is paid to the MFDA;
- shall in the future comply with MFDA Rules 2.1.1.
In the Settlement Agreement dated June 22, 2018, the Respondent admitted that:
| a) |
between December 2012 and June 2015, he obtained, possessed, and used to process transactions, six pre-signed account forms in respect of three clients, contrary to MFDA Rule 2.1.1; and |
| b) |
between December 2012 and November 2014, he falsified and used to process transactions, eight client account forms in relation to five clients, by altering the client account forms without having the clients 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 carried on business in Penticton, British Columbia.
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, Director, Litigation, 416-943-4619, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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