MFDA Hearing Panel approves settlement agreement with Dean Owen

MFDA Hearing Panel approves settlement agreement with Dean Owen

Canada NewsWire

TORONTO, Nov. 24, 2017 /CNW/ - A settlement hearing in the matter of Dean Edward Owen (“Respondent”) was held today in Saskatoon, Saskatchewan before a Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).

The Hearing Panel approved the settlement agreement (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:

  • a prohibition from conducting securities related business in any capacity while in the employ or associated with any Member of the MFDA for a period of two (2) months from the date of the settlement hearing;
  • a fine in the amount of $20,000;
  • costs in the amount of $2,500; and
  • in the future shall comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

    1. between June 2006 and October 2015, he obtained, possessed, and in some instances, used to process transactions, 164 pre-signed account forms in respect of 26 clients, contrary to MFDA Rule 2.1.1; and
    2. between February 2007 and August 2015, he altered and used to process transactions, 11 account forms in respect of 7 clients by altering information on the account forms without having the clients initial the alterations, 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, the Respondent conducted business in the Saskatoon, Saskatchewan 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

View original content: http://www.newswire.ca/en/releases/archive/November2017/24/c1784.html

MFDA announces settlement hearing to take place in respect of Lucas Stemshorn-Russell

MFDA announces settlement hearing to take place in respect of Lucas Stemshorn-Russell

Canada NewsWire

TORONTO, Nov. 23, 2017 /CNW/ – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Lucas Stemshorn-Russell (“Respondent”) by Notice of Hearing dated September 19, 2017 (“Notice of Hearing”).

As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing in this proceeding will take place on January 22, 2018, commencing at 10:00 a.m. (Pacific) or as soon thereafter as the matter can be heard, in the hearing room at the British Columbia Securities Commission, located at 1200-701 West Georgia Street, Vancouver, British Columbia.

The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns the allegation that the Respondent in or about June 2016, cut and pasted client signatures from account forms previously signed by two (2) clients onto two (2) new account forms, contrary to MFDA Rule 2.1.1.

MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Sydney, British Columbia 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

View original content: http://www.newswire.ca/en/releases/archive/November2017/23/c8452.html

MFDA announces settlement hearing to take place in respect of Johnny Wu

MFDA announces settlement hearing to take place in respect of Johnny Wu

Canada NewsWire

TORONTO, Nov. 23, 2017 /CNW/ – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Johnny Wu (“Respondent”) by Notice of Hearing dated September 19, 2017 (“Notice of Hearing”).

As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing in this proceeding will take place on December 21, 2017, commencing at 10:00 a.m. (Pacific) or as soon thereafter as the matter can be heard, in the hearing room at the British Columbia Securities Commission, located at 1200-701 West Georgia Street, Vancouver, British Columbia.

The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns the allegation that the Respondent, between December 2015 and February 2016, signed the signatures of four (4) clients on five (5) account forms, contrary to MFDA Rule 2.1.1.

MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Vancouver, British Columbia 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

View original content: http://www.newswire.ca/en/releases/archive/November2017/23/c2030.html