MFDA Hearing Panel accepts settlement agreement with Kenneth Ray Clark

TORONTO, ON, Feb. 4, 2021 /CNW/ - A settlement hearing in the matter of Kenneth Ray Clark ("Respondent") was held on February 2, 2021 , by electronic hearing before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel accepted the settlement agreement dated January 5, 2021 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:

• a fine in the amount of $13,500;
• costs in the amount of $2,500; and
• shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that between May 2014 and November 2018, he altered and used to process transactions, 37 account forms in respect of 31 clients by either crossing out information on the account forms and altering them, or by using liquid correction fluid to alter information on the account forms all 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 out of the Brooklin, 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 81,000 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