MFDA Hearing Panel approves three settlement agreements
TORONTO, Oct. 29, 2018 /CNW/ - On October 25, 2018, a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following three settlement proceedings, the particulars of which are:
Juliana Gonzalez
A hearing in the matter of Juliana Gonzalez ("Gonzalez") was held on October 25, 2018 at which the Hearing Panel approved the settlement agreement dated August 1, 2018 ("Settlement Agreement") between Staff of the MFDA and Gonzalez, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $8,500;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rules 2.1.1.
In the Settlement Agreement, Gonzalez admitted that:
a) between March 2009 and September 2016, she obtained, possessed and in some instances, used to process transactions, 10 pre-signed account forms in respect of nine clients, contrary to MFDA Rule 2.1.1; and
b) between March 2009 and September 2016, she altered seven account forms in respect of six clients by altering information on the 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, Gonzalez carried on business in the Newmarket, Ontario area.
Adrienne Simmons
A hearing in the matter of Adrienne Elizabeth Benoit Simmons ("Simmons") was held on October 25, 2018 at which the Hearing Panel approved the settlement agreement dated September 6, 2018 ("Settlement Agreement") between Staff of the MFDA and Simmons, as a consequence of which the following sanctions were imposed:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of one month;
- a fine in the amount of $15,000;
- costs in the amount of $2,500;
- in the future shall comply with MFDA Rules 1.1.1, and 2.1.1.
In the Settlement Agreement, Simmons admitted that:
a) between February 2006 and May 2016, she engaged in securities related business beyond the terms of her registration as a mutual fund salesperson by providing investment advice to at least 11 clients in respect of non-mutual fund securities, contrary to the Member's policies and procedures, and MFDA Rules 1.1.1, 1.1.2, 1.1.5(a) and 2.1.1;
b) in February 2016, she altered, and used to process transactions, two account forms in respect of three clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
c) between November 2008 and February 2016, she obtained, possessed, and in some instances, used to process transactions, 17 pre-signed account forms in respect of 12 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, Simmons carried on business in the Toronto, Ontario area.
Michael Mills
A hearing in the matter of Michael Harold Mills ("Mills") was held on October 25, 2018 at which the Hearing Panel approved the settlement agreement dated September 28, 2018 ("Settlement Agreement") between Staff of the MFDA and Mills, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $24,000;
- costs in the amount of $2,500;
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Mills admitted that between December 2003 and February 2017, he obtained, possessed, and, in some instances, used to process transactions, 120 pre-signed account forms in respect of 37 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, Mills carried on business in the Toronto, 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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