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21.11.2019 21:38:00
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MFDA Hearing Panel approves settlement agreement with Dorothy Gabrysz
TORONTO, Nov. 21, 2019 /CNW/ - A settlement hearing in the matter of Dorothy Jean Gabrysz ("Respondent") was held yesterday in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated September 30, 2019 ("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 while in the employ of, or associated with, any Member of the MFDA for a period of two years;
- a fine in the amount of $20,000; and
- costs in the amount of $5,000.
In the Settlement Agreement, the Respondent admitted that:
a) | in November 2009, she prepared and submitted client account forms and a loan application for client SR which she knew contained false and misleading information, thereby failing to observe high standards of ethics and conduct in the transaction of business and engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1; |
b) | in November 2009, she failed to perform the necessary due diligence to learn the essential facts relative to client SR to ensure that the leveraged investment recommendations she made to client SR satisfied the Member's leverage suitability requirements in its policies and procedures, contrary to MFDA Rules 2.2.1, 1.1.2, 2.5.1, and 2.1.1; and |
c) | after receiving a complaint from client SR in December 2015, she failed to report the complaint to the Member, contrary to the Member's policies and procedures, MFDA Policy No. 3, subsection 9-2, MFDA Policy No. 6, subsection 4.1(a), and MFDA Rules 1.1.2, 1.4(b), 2.5.1, and 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 Richmond Hill, 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
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