MFDA Hearing Panel approves two Settlement Agreements

TORONTO, Jan. 28, 2016 /CNW/ - Today a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following two (2) separate proceedings, the particulars of which are:

Jose Coelho

A settlement hearing in the matter of Jose Coelho ("Coelho") was held on January 28, 2016, at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Coelho, as a consequence of which Coelho:

(i)	has paid a fine in the amount of $12,500;
(ii)	has paid costs in the amount of $2,500;
(iii)	shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Coelho admitted that between August 2006 and September 2013, he obtained, possessed, and in some instances, used to process transactions, 49 pre-signed blank forms in respect of 27 clients, and, obtained, altered and used to process transactions, six (6) client account forms in respect of seven (7) 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, Coelho carried on business in the Waterloo, Ontario area.

Catherine Ann Gowing

A settlement hearing in the matter of Catherine Ann Gowing ("Gowing") was held on January 28, 2016, at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Gowing, as a consequence of which Gowing:

(i)	shall be prohibited for three (3) months from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA;
(ii)	has paid costs in the amount of $1,000; and
(iii)	shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Gowing admitted that on October 11, 2014 she falsified a client's signature on an account form in order to open an account for the 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, Gowing carried on business in the St. Thomas, Ontario area.

The Hearing Panel advised that it will issue its written reasons for both proceedings in due course.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 100 Members and their approximately 83,000 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]