MFDA Hearing Panel issues Reasons for Decision in the matter of Pierre Boucher
TORONTO, Dec. 11, 2017 /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 November 30, 2017 in the matter of Pierre George Louis Boucher ("Respondent").
In its Reasons for Decision dated December 8, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $12,500;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated April 13, 2017, the Respondent admitted that:
| a) |
between June 11, 2014 and March 9, 2015, he, or his assistant for whom he was responsible: |
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| i. |
photocopied the client signature page from a previously completed account form, attached it to a new account form, and used the form to process a transaction, contrary to MFDA Rule 2.1.1; and |
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| ii. |
cut a client's signature from a previously completed account form, pasted it onto a new account form, and used the form to process a transaction, contrary to MFDA Rule 2.1.1; |
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| b) |
between August 22, 2013 and May 22, 2015, he, or his assistant for whom he was responsible, altered information on three (3) account forms in respect of four (4) clients without having the clients initial the alterations, and used the account forms to process transactions, contrary to MFDA Rule 2.1.1; and |
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| c) |
between September 2010 and July 2015, he, or his assistant for whom he was responsible, obtained, possessed and, in some instances, used to process transactions, 27 pre-signed account forms in respect of 19 clients, contrary to MFDA Rule 2.1.1. |
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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 the Ottawa, 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]
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