MFDA Hearing Panel issues Reasons for Decision in the matter of Blair Roche
TORONTO, Nov. 18, 2014 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Calgary, Alberta, on October 2, 2014, in the matter of Blair Stonewall Jackson Roche (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement (the "Settlement Agreement") entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision, the Hearing Panel confirmed the following sanctions imposed on the Respondent:
- a fine in the amount of $12,500;
- costs in the amount of $2,500;
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA member for a period of three (3) months, commencing from the date of the Hearing Panel's Order; and
- shall in future comply with all MFDA By-laws, Rules and Policies and all applicable securities legislation and regulations made thereunder, including MFDA Rules 1.1.2, 2.1.1, 2.1.3 and 2.5.1.
In the Settlement Agreement, the Respondent admitted that:
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between April 2011 and April 2013, he permitted non-Approved Persons TS and KW to conduct securities related business with clients for the account and through the facilities of the Member, contrary to MFDA Rules 1.1.1(c), 1.1.2 and 2.1.1; and |
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| b) |
between April 2011 and April 2013, he failed to comply with the policies and procedures of the Member by producing and distributing approximately 80 portfolio summaries to approximately 45 clients without the knowledge or involvement of the Member, thereby: |
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interfering with the ability of the Member to supervise the Respondent, contrary to MFDA Rules 1.1.2 and 2.5.1, and MFDA Rule 2.1.1; and |
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| ii. |
failing to comply with MFDA Rule 2.1.3. |
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A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Calgary, Alberta.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 108 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
Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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