MFDA Hearing Panel issues Reasons for Decision in the matter of Francine Dick

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Mutual Fund Dealers Association of Canada

Jul 20, 2018, 17:26 ET

TORONTO, July 20, 2018 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated July 20, 2018 in connection with a settlement hearing held in Toronto, Ontario held on March 29, 2018 in the matter of Francine Miriam Dick ("Respondent").

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

  • has paid a fine in the amount of $15,000; and
  • has paid costs in the amount of $2,500.

In the Settlement Agreement dated January 23, 2018, the Respondent admitted that:

a)

between November 2009 and February 2016, she, or her assistant for whom she was responsible, altered, and used to process transactions, seven account forms in respect of seven clients by altering information on the account without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and

b)

between March 2010 and February 2016, she obtained, possessed, and in at least 38 instances, used to process transactions, 44 pre-signed account forms in respect of 21 clients, contrary to MFDA Rule 2.1.1.

Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Toronto, 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 82,000 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]

Related Links

http://www.mfda.ca

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Mutual Fund Dealers Association of Canada

The Mutual Fund Dealers Association of Canada (MFDA) is the national self-regulatory organization (SRO) for the distribution side of the Canadian mutual fund industry. It was established in June 1998 at the initiative of the Canadian Securities Administrators. The MFDA...