MFDA Hearing Panel approves settlement agreement with Sandra Kolenderski

TORONTO, Feb. 27, 2019 /CNW/ - A settlement hearing in the matter of Sandra Lynn Kolendreski ("Respondent") was held on February 25, 2019 in Saskatoon, Saskatchewan before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel approved the settlement agreement dated December 17, 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 ("Fine");
• costs in the amount of $2,500 ("Costs");
• payment of the Fine and Costs shall be made as follows:
• $2,500 (Costs) and $2,500 (Fine) upon acceptance of the Settlement Agreement;
• $5,000 (Fine) on or before the last business day of the 3^rd month following the date of the acceptance of the Settlement Agreement;
• $5,500 (Fine) on or before the last business day of the 6^th month following the date of the acceptance of the Settlement Agreement;
• shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

a)	on or about October 3, 2016, she cut and pasted a client signature from an account form previously signed by a client onto a new account form, and used the new account form to process a transaction, contrary to MFDA Rule 2.1.1;
b)	between March 2011 and June 2016, she altered 13 account forms in respect of eight clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
c)	on or about January 15, 2016, she obtained and possessed two pre-signed account forms in respect of one client, 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 Prince Albert, Saskatchewan 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]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]

Related Links

www.mfda.ca