Subject: LAW
MFDA Hearing Panel approves five settlement agreements
TORONTO, Dec. 19, 2017 /CNW/ - On December 14, 2017, a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following five (5) proceedings, the particulars of which are:
Gary Ward
A settlement hearing in the matter of Gary William Ward ("Ward") was held on December 14, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Ward, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $6,500;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated July 31, 2017, Ward admitted that between 2006 and March 2014, he obtained, possessed and, in some instances, used to process transactions, 22 pre-signed account forms in respect of eight (8) clients, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Ward carried on business in the Waterloo, Ontario area.
Luke Bedard
A settlement hearing in the matter of Luke Victor Bedard ("Bedard") was held on December 14, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Bedard, as a consequence of which the following sanctions were imposed:
- a suspension from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of three (3) years;
- a fine in the amount of $7,500;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated July 28, 2017, Bedard admitted that
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a) |
between January 2011 and May 2015, he falsified 65 client initials on account forms, in respect of 17 clients, and used the account forms to process transactions, contrary to MFDA Rule 2.1.1; |
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b) |
between January 2011 and May 2015, he obtained, possessed and, in some instances, used to process transactions, 248 pre-signed account forms in respect of 47 clients, contrary to MFDA Rule 2.1.1; and |
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c) |
on September 4, 2015, he misled MFDA Staff during the course of a compliance examination by stating that he does not have clients sign account forms before the forms are fully complete when he knew or ought to have known that this was false, contrary to MFDA Rule 2.1.1. |
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Bedard carried on business in the Cornwall, Ontario area.
Stefan Markus
A settlement hearing in the matter of Stefan Christopher Markus ("Markus") was held on December 14, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Markus, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $5,000;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated August 8, 2017, Markus admitted that on or about November 27, 2015, he signed the signature of one (1) client on an account form, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Markus carried on business in the New Tecumseth, Ontario area.
Suping Yan
A settlement hearing in the matter of Suping Yan ("Yan") was held on December 14, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Yan, as a consequence of which the following sanctions were imposed:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of nine (9) months;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated July 13, 2017, Yan admitted that between February 2016 and April 2016, she falsified four (4) client signatures or client initials on four (4) account forms, in respect of four (4) clients, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Yan carried on business in the Orleans, Ontario area.
Adrian Lo
A settlement hearing in the matter of Adrian Lo ("Lo") was held on December 14, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Lo, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $8,500;
- costs in the amount of $2,500;
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated August 10, 2017, Lo admitted that:
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a) |
between February 2014 and February 2016, he altered and, in some instances, used to process transactions, seven (7) account forms in respect of eight (8) clients by altering information on the account forms without having obtained client initials authorizing the changes, contrary to MFDA Rule 2.1.1; and |
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b) |
between February 2014 and February 2016, he obtained, possessed and, in some instances, used to process transactions, four (4) pre-signed account forms in respect of five (5) clients, contrary to MFDA Rule 2.1.1. |
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Lo carried on business in the Greater Toronto 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
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