MFDA Hearing Panel approves three settlement agreements

TORONTO, March 29, 2019 /CNW/ - On March 28, 2019, 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:

Shaun David Collier

A hearing in the matter of Shaun David Collier ("Collier") was held on March 28, 2019 at which the Hearing Panel approved the settlement agreement dated January 8, 2019 ("Settlement Agreement") between Staff of the MFDA and Collier, as a consequence of which the following sanctions were imposed:

• a prohibition from acting as a branch manager or in a supervisory position while in the employ of or associated with any Member of the MFDA for a period of 12 months;
• shall successfully complete the branch manager course offered by either the Canadian Securities Institute or the Investment Funds Institute of Canada prior to acting as a branch manager in the future;
• a fine in the amount of $13,000;
• costs in the amount of $2,500; and
• shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Collier admitted that:

a)	between March 2006 and February 2017, he obtained, possessed, and in some instances, used to process transactions, 12 pre-signed account forms in respect of six clients, contrary to MFDA Rule 2.1.1;
b)	between September 2009 and May 2011, he altered, and used to process transactions, seven account forms in respect of four 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 12, 2010, he cut and pasted two client signatures from copies of account forms previously signed by two clients onto new account forms, and submitted the account forms for processing, 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, Collier carried on business in the Ajax, Ontario area.

Howard Peter Arcand

A hearing in the matter of Howard Peter Arcand ("Arcand") was held on March 28, 2019 at which the Hearing Panel approved the settlement agreement dated December 12, 2018 ("Settlement Agreement") between Staff of the MFDA and Arcand, as a consequence of which the following sanctions were imposed:

• a fine in the amount of $9,000;
• costs in the amount of $2,500; and
• shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Arcand admitted that between December 2010 and February 2016, he altered, and used to process transactions, 32 account forms in respect of 16 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, Arcand carried on business in the Richmond Hill, Ontario area.

Scott Boassaly

A hearing in the matter of Scott Allan George Boassaly ("Boassaly") was held on March 28, 2019 at which the Hearing Panel approved the settlement agreement dated February 28, 2019 ("Settlement Agreement") between Staff of the MFDA and Boassaly, as a consequence of which the following sanctions were imposed:

• a fine in the amount of $12,500 payable in monthly instalments as follows:
• $7,500 on or before March 28, 2019;
• $833.33 on or before April 30, 2019;
• $833.33 on or before May 31, 2019;
• $833.33 on or before June 28, 2019;
• $833.33 on or before July 31, 2019;
• $833.33 on or before August 30, 2019;
• $833.33 on or before September 30, 2019;
• costs in the amount of $2,500; and
• shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Boassaly admitted that:

a)	between July 2015 and September 2015, he used liquid correction fluid on the signature of another Approved Person at the Member, affixed his own signature and representative code, and in some instances altered or added new dates, on nine account forms that he submitted to the Member for processing, contrary to MFDA Rule 2.1.1;
b)	between July 2015 and September 2015, he obtained, possessed, or in some instances, used to process transactions, 11 pre-signed account forms in respect of six clients, contrary to MFDA Rule 2.1.1; and
c)	between December 2015 and April 2016, he altered, and used to process transactions, six account forms in respect of four clients by altering information on 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, Boassaly carried on business in the Ottawa, 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 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]

Related Links

www.mfda.ca