MFDA Hearing Panel approves Settlement Agreement with Robert Kujala
TORONTO, May 11, 2015 /CNW/ - A settlement hearing in the matter of Robert Kelly Kujala (the "Respondent") was held on May 7, 2015 in Vancouver, British Columbia before a three-member 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 Respondent:
| i) |
shall pay a fine in the amount of $5,000, payable in five (5) monthly installments of $1,000 commencing one (1) month after the Settlement Agreement is accepted by the Hearing Panel; |
| ii) |
shall pay costs in the amount of $2,500, payable within 30 days of the date the Settlement Agreement is accepted by the Hearing Panel; |
| iii) |
shall be prohibited from acting as a branch manager or in any supervisory capacity for a Member of the MFDA for a period of three (3) months commencing upon the date the Settlement Agreement is accepted by the Hearing Panel; |
| iv) |
if he fails to comply with the provisions of subparagraphs i) and/or ii), the authority of the Respondent to conduct securities related business while in the employ of or associated with a Member of the MFDA shall be immediately suspended without further notice or order of the Hearing Panel until such time as the Respondent demonstrates to the satisfaction of MFDA Staff that he has complied with the provisions of subparagraph i); |
| v) |
shall in the future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder, including MFDA Rules 2.1.1. |
In the Settlement Agreement, the Respondent admitted that from March 10, 2009 to May 2, 2013, he obtained, and used 27 partially completed, pre-signed Letters of Direction redemption requests to process transactions for eight (8) clients, 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 Coquitlam, 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 104 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
Shaun Devlin, Senior Vice-President, Member Regulation, Enforcement, 416-943-4672, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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