A settlement hearing in the matter of Stanley Wayne Parke was held in Calgary, Alberta before a hearing panel of the MFDA’s Prairie Regional Council.

Parke was registered as a mutual fund salesperson in the provinces of Alberta and Saskatchewan with Sun Life Financial Investment Services from December 2002 to December 2009. Sun Life became a member of the MFDA on February 14, 2002.

In the settlement agreement, Parke admitted that between November 2002 and 2006, he engaged in securities related business that was not carried on for the account and through the facilities of Sun Life. He sold or facilitated the sale of shares in a private internet company to 59 individuals, 13 of whom were clients of Sun Life, through another company he owned and controlled called 763810 Alberta Ltd., contrary to MFDA Rules 1.1.1(a) and 2.1.1.

Those 13 Sun Life clients purchased a total of at least $135,000 of the company shares.

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

  • has been prohibited for 10 years from conducting securities related business while in the employ of, or associated with, a Member of the MFDA.
  • will pay a fine of $10,000; and
  • will pay costs of $5,000.

If Parke fails to pay the fine or costs in accordance with the settlement agreement, he will be permanently prohibited from conducting securities related business while in the employ of, or associated with, a member of the MFDA and shall pay an additional fine of $10,000.

Read the settlement agreement.