TORONTO, Dec. 2, 2016 /CNW/ - A settlement hearing in the
matter of Aubrey Reid Wallace (the
"Respondent") was held on December 1,
2016 in Halifax, Nova
Scotia before a three-member Hearing Panel of the Atlantic
Regional Council of the Mutual Fund Dealers Association of
Canada ("MFDA").
The Hearing Panel accepted the settlement agreement (the
"Settlement Agreement") between Staff of the MFDA and the
Respondent, as a consequence of which the Respondent:
- has paid a fine in the amount $10,500;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.3.1 and
2.1.1.
In the Settlement Agreement, the Respondent admitted that on
June 13, 2014, he processed three (3)
trades in the account of one (1) client without the client's
authorization, contrary to MFDA Rules 2.3.1 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
Truro, Nova Scotia 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