A settlement hearing in the matter of Michel Joseph Landry was held today in Toronto, Ontario before a hearing panel of the MFDA’s Central Regional Council.

Landry was previously employed as an alternate compliance officer, shareholder and dealing representative with Independent Accountants Investment Group. He voluntarily resigned in January 2012.

Read: Compliance failure costs IAIG $25,000

He admitted between March 1, 2008 and September 30, 2010, he obtained and/or maintained 33 pre-signed forms in respect to 22 different client accounts, and used the forms to process redemptions in the accounts on at least 7 occasions, contrary to MFDA Rule 2.1.1.

The panel accepted the agreement between MFDA staff and Landry, as a consequence of which:

  1. he has paid a fine in the amount of $20,000;
  2. he has paid costs in the amount of $5,000;
  3. he shall write or re-write and pass an appropriate industry course acceptable to MFDA Staff, prior to being registered in the mutual fund industry, pursuant to s. 24.1.1(f) of MFDA By-law No. 1.

Read the settlement agreement.