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18.05.2021 22:52:00
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MFDA announces settlement hearing to take place in the matter of Michael Farrell
TORONTO, May 18, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Michael Farrell (the "Respondent") by Notice of Hearing dated November 20, 2020.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will proceed before a Hearing Panel of the MFDA's Central Regional Council by electronic hearing on June 4, 2021, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held. Members of the public who would like to obtain particulars should contact hearings@mfda.ca.
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 allegations that the Respondent:
a) | between June 14, 2013 and January 15, 2019, obtained, possessed, and in some instances, used to process transactions, 172 pre-signed account forms in respect of 89 clients, contrary to MFDA Rule 2.1.1; and | |
b) | between June 6, 2013 and December 19, 2018, altered and used to process transactions, 66 account forms in respect of 48 clients, by altering information on the account forms without having the client initial the alterations, 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 conducted business in the Oshawa, 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 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
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