MFDA Hearing Panel approves settlement agreement with Tamera Jean Williams and Todd Russell Williams
TORONTO, Aug. 3, 2018 /CNW/ - A settlement hearing in the matter of Tamera Jean Williams ("Tamera Williams") and Todd Russell Williams ("Todd Williams") (collectively, the "Respondents") was held yesterday in Calgary, Alberta 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 June 9, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondents, as a consequence of which the following sanctions were imposed:
- Tamera Williams shall pay a fine in the amount of $15,000;
- Tamera Williams is prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six months;
- Todd Williams shall pay a fine in the amount of $12,500;
- the Respondents shall, jointly and severally, pay costs in the amount of $2,500; and
- the Respondents shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Tamera Jean Williams admitted that:
| a) |
on or about June 13, 2015, she altered information on an account form that had been previously signed by a client and used in a previous transaction in order to process a new transaction in the client's account, contrary to MFDA Rule 2.1.1; |
| b) |
between April 2012 and September 2016, falsified 89 account forms in respect of 43 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and |
| c) |
between July 2011 and February 2016, she obtained, possessed, and in some instances, used to process transactions, 18 pre-signed account forms in respect of 11 clients, contrary to MFDA Rule 2.1.1. |
In the Settlement Agreement, Todd Russell Williams admitted that:
| a) |
on or about January 8, 2013, he altered information on an account form that had been previously signed by a client and used in a previous transaction in order to process a new transaction in the client's account, contrary to MFDA Rule 2.1.1; |
| b) |
between August 2011 and July 2016, he falsified 24 account forms in respect of 21 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and |
| c) |
between July 2011 and March 2016, he obtained, possessed, and in some instances, used to process transactions, 14 pre-signed account forms in respect of 10 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 Respondents conducted business in Turner Valley, Alberta.
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]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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