MFDA Hearing Panel approves three settlement agreements

TORONTO, Nov. 29, 2021 /CNW/ - On November 26, 2021, 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:

Sageev Satchithanantham

A hearing in the matter of Sageev Satchithanantham ("Satchithanantham") was held on November 26, 2021 at which the Hearing Panel approved the settlement agreement dated September 20, 2021 ("Settlement Agreement") between Staff of the MFDA and Satchithanantham, as a consequence of which the following sanctions were imposed:

• a suspension from conducting securities related business while in the employ of or associated with a Member of the MFDA for a period of one month commencing on December 1, 2021;
• a fine in the amount of $20,000;
• costs in the amount of $5,000; and
• shall complete an ethics or professional conduct course within six months of the acceptance of the Settlement Agreement.

In the Settlement Agreement, Satchithanantham admitted that:

1. between February 2015 and April 2017, he photocopied signature pages from account forms that had been signed by clients and re-used the signature pages to complete 8 additional forms in respect of 6 clients, contrary to MFDA Rule 2.1.1;
2. between June 2014 and May 2019, he obtained, possessed, and used to process transactions, 80 pre-signed account forms in respect of 47 clients, contrary to MFDA Rule 2.1.1; and
3. between February 2015 and February 2018, he altered and used to process transactions, 18 account forms in respect of 13 clients, by altering the account forms without having the client 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, Satchithanantham conducted business in the Scarborough, Ontario area.

Jessica Miller

A hearing in the matter of Jessica Ann Miller ("Miller") was held on November 26, 2021 at which the Hearing Panel approved the settlement agreement dated September 20, 2021 ("Settlement Agreement") between Staff of the MFDA and Miller, as a consequence of which the following sanctions were imposed:

• a fine in the amount of $9,000; and
• costs in the amount of $5,000.

In the Settlement Agreement, Miller admitted that:

1. on December 16, 2013, she photocopied the signature page from an account form that had been signed by a client and re-used the signature page to complete 2 additional forms, contrary to MFDA Rule 2.1.1;
2. between September 2013 and January 2019, she obtained, possessed, and used to process transactions, 22 pre-signed account forms in respect of 18 clients, contrary to MFDA Rule 2.1.1; and
3. between October 2013 and June 2015, she altered and used to process transactions, 3 account forms in respect of 3 clients, by altering the account forms without having the client 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, Miller conducted business in the Scarborough, Ontario area.

Edward Romaniuk

A hearing in the matter of Edward William Romaniuk ("Romaniuk") was held on November 26, 2021 at which the Hearing Panel approved the settlement agreement dated September 20, 2021 ("Settlement Agreement") between Staff of the MFDA and Romaniuk, as a consequence of which the following sanctions were imposed:

• a fine in the amount of $6,000; and
• costs in the amount of $5,000.

In the Settlement Agreement, Romaniuk admitted that:

1. between September 2013 and May 2019, he obtained, possessed, and used to process transactions 18 pre-signed account forms in respect of 12 clients, contrary to MFDA Rule 2.1.1; and
2. between March 2015 and September 2017, he altered and used to process transactions 5 account forms in respect of 4 clients, by altering the account forms without having the client initial the alterations.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Romaniuk conducted business in the Scarborough, 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 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

Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]

Related Links

https://mfda.ca/