MFDA Hearing Panel approves two settlement agreements

TORONTO, Dec. 9, 2019 /CNW/ - On December 6, 2019, a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following two settlement proceedings, the particulars of which are:

Perry Graham

A hearing in the matter of Perry Richard Graham ("Graham") was held on December 6, 2019 at which the Hearing Panel approved the settlement agreement dated November 14, 2019 ("Settlement Agreement") between Staff of the MFDA and Graham, as a consequence of which the following sanctions were imposed:

• a fine in the amount of $22,500;
• costs in the amount of $2,500; and
• shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Graham admitted that:

a)	between May 2012 and March 2018, he obtained, possessed, and in some instances, used to process transactions, 49 pre-signed account forms in respect of 30 clients, contrary to MFDA Rule 2.1.1; and
b)	between February 2012 and March 2018, he altered and used to process transactions, 124 account forms in respect of 66 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, Graham conducted business in the Brantford, Ontario area.

Shawn Culliton

A hearing in the matter of Shawn Thomas Culliton ("Culliton") was held on December 6, 2019 at which the Hearing Panel approved the settlement agreement dated November 15, 2019 ("Settlement Agreement") between Staff of the MFDA and Culliton, as a consequence of which the following sanctions were imposed:

• a fine in the amount of $16,500, payable in instalments as follows:

a)	$4,125, upon acceptance of the Settlement Agreement;
b)	$4,125, on or before January 31, 2020;
c)	$4,125, on or before February 28, 2020;
d)	$4,125, on or before March 31, 2020;

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

In the Settlement Agreement, Culliton admitted that:

a)	between January 2012 and February 2018, he obtained, possessed, and in some instances, used to process transactions, 112 pre-signed account forms in respect of 31 clients, contrary to MFDA Rule 2.1.1; and
b)	between February 2013 and April 2017, he altered and used to process transactions, five account forms in respect of five 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, Culliton conducted business in the Waterloo, 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