MFDA Hearing Panel issues Reasons for Decision in the matter of Edison Benoit
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 Edison Gerald Benoit ("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 $10,000;
- 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 11, 2017, the Respondent admitted that:
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a) |
on or about August 24, 2015, in response to a request from the Member that he obtain a new account form signed by a client to confirm that the client was aware of the fees and costs associated with a transaction, he photocopied a previously collected account form, altered the fees and costs disclosure section of the account form, and re-submitted it to the Member to process the transaction, contrary to MFDA Rule 2.1.1; |
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b) |
on or about February, 2015, he altered one (1) account form by altering information on the form without having the client initial the alteration, contrary to MFDA Rule 2.1.1; and |
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c) |
in or around July 2015, he obtained and possessed four (4) pre-signed account forms in respect of one (1) client, 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 Reasons for Decision, the Respondent carried on business in the Scarborough, 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
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