MFDA Hearing Panel issues Reasons for Decision in the matter of Mark Cliche

TORONTO, March 18, 2015 /CNW/ - A Hearing Panel of the Central 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 Toronto, Ontario on March 5, 2015 in the matter of Mark Patrick Cliche (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 dated March 17, 2015, the Hearing Panel confirmed the sanctions imposed on the Respondent:

• has paid a fine in the amount of $7,500;
• has paid costs in the amount of $2,500; and
• shall in the future comply with MFDA Rules 2.1.1, 1.1.2 and 2.5.1.

In the Settlement Agreement, the Respondent admitted that between 2001 and July 2013, he obtained and maintained 72 pre-signed and/or altered photocopied account forms for 13 clients and used pre-signed and/or altered photocopied account forms to process transactions in client accounts, thereby:

a)	engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1; and
b)	failing to comply with the Member's policies and procedures, contrary to MFDA Rules 1.1.2 and 2.5.1 and 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 Reasons for Decision, the Respondent carried on business in Markham, Ontario.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 105 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]