MFDA issues Notice of Settlement Hearing in respect of Murray Wellman and Michael Wellman

TORONTO, Aug. 26, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Central Regional Council. 

The settlement agreement will be between Staff of the MFDA and Murray Harold Wellman and Michael John Wellman (the "Respondents") and involves matters for which the Respondents may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that:

(i)	between about April 2011 and October 2013, the Respondents altered the risk tolerances, investment objectives or investment instructions that were recorded on seven (7) account forms in respect of six (6) clients;
(ii)	between about January 2011 and April 2013, the Respondents obtained, maintained and, in some instances, used to process trades, 29 pre-signed account forms and one (1) pre-signed cheque in respect of 16 clients; and
(iii)	on February 21, 2013, the Respondents processed a trade in a client account without documenting the client's authorization of the trade, contrary to MFDA Rule 2.1.1.

The settlement hearing is scheduled to take place on October 29, 2015, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard, in the hearing room at the MFDA offices, located at 121 King Street West, Suite 1000, Toronto, Ontario. The hearing will be open to the public, unless and to the extent that the Hearing Panel determines that all or part of the hearing should proceed in the absence of the public. If the Hearing Panel accepts the settlement agreement, then a copy of the decision of the Hearing Panel and the settlement agreement will be made available to the public.

A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondents conducted business in the area of Kitchener-Waterloo, Ontario.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 Members and their over 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

Charles Toth, Director, Litigation, 416-943-4619, [email protected]