MFDA Hearing Panel issues Decision and Reasons (Penalty) in the matter of Paula Louise Kendrick
TORONTO, Jan. 17, 2018 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons (Penalty) dated January 16, 2018 in connection with a disciplinary hearing held in Calgary, Alberta on October 17, 2017 in the matter of Paula Louise Kendrick ("Respondent").
At the hearing held on October 17, 2017, the parties filed an Agreed Statement of Facts dated August 18, 2017 in which the Respondent admitted that:
a)
between January 2010 and July 2014, she referred 25 clients and 4 other individuals to companies selling an exempt market product, and received at least $74,666.70 in referral fees for doing so, thereby engaging in securities related business that was not carried on for the account of or through the facilities of the Member, and participating in a referral arrangement to which the Member was not a party, contrary to MFDA Rule 1.1.1, and sections 13.7 to 13.10 of National Instrument 31-103; and
b)
between 2011 and 2014, she incorrectly denied that she was a party to any referral arrangements in audit forms and annual compliance questionnaires submitted to the Member, thereby misleading the Member and interfering with its ability to supervise her conduct and ensure that its business is compliant with MFDA Rules and applicable securities legislation, contrary to MFDA Rules 2.1.1, 2.5.1, 2.10 and 1.1.2.
In its Decision and Reasons, the Hearing Panel confirmed the sanction imposed at the hearing and announced the imposition of additional sanctions on the Respondent:
a)
a suspension for one week, commencing October 17, 2017 from conducting securities related business in any capacity while in the company of, or in association with any MFDA Member;
b)
shall pay a fine in the amount of $36,000, payable to the MFDA in monthly installments, without interest, of $1,000 commencing January 31, 2018. If any installment payment is missed the full remaining balance is due and payable immediately; and
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.
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