MFDA Hearing Panel approves two settlement agreements in signature cases

TORONTO, Nov. 1, 2016 /CNW/ - On October 27, 2016, a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following two (2) proceedings, the particulars of which are:

Mark Courneya

A settlement hearing in the matter of Mark Andrew Courneya ("Mark Courneya") was held on October 27, 2016 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Mark Courneya, as a consequence of which he:

• has paid a fine in the amount of $10,000;
• has paid costs in the amount of $2,500; and
• shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Mark Courneya admitted that between July 2010 and August 2013, he obtained, possessed, and used to process transactions, 29 pre-signed account forms in respect of ten (10) clients.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Mark Courneya carried on business in the Ancaster, Ontario area.

Paul Courneya

A settlement hearing in the matter of Paul Leroy Courneya ("Paul Courneya") was held on October 27, 2016 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Paul Courneya, as a consequence of which he:

• has paid a fine in the amount of $17,500;
• has paid costs in the amount of $2,500; and
• shall in in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Paul Courneya admitted that that between January 2010 and May 2013, he obtained, possessed, and in some instances, used to process transactions, 11 pre-signed account forms in respect of five (5) clients.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Paul Courneya carried on business in the Ancaster, 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 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]