On March 27, 2013, an MFDA hearing panel approved a settlement agreement reached between the MFDA and Grant Bryan Page, a mutual fund salesperson registered in both Manitoba and Ontario.
The MFDA says Page admitted that between November 2007 and June 2011, he engaged in a practice unbecoming an Approved Person by maintaining and using partially completed and blank forms signed by clients to conduct Member business, contrary to MFDA Rule 2.1.1.
The reasons for decision document says, “The respondent acknowledges the seriousness of his conduct and the importance of following MFDA rules and policies and [his firm’s] procedures and policies.”
It also states, “There are no evidence that any client suffered financial harm as a result of the respondent’s maintenance and use of pre-signed forms, nor were there client complaints directed to Quadrus or the MFDA concerning [his] activities.”
The agreement requires he pay a fine in the amount of $5,000, the as well as costs in the amount of $2,500.
MFDA says, “We have considered that the fine and costs are the minimum suggested in the penalty guidelines. We are satisfied that the Respondent immediately responded to the compliance deficiencies and ceased the violations as soon as pointed out. He demonstrated remorse and recognized his failures.”
Page has been a registered rep with Quadrus Investment Services since February of 2000, and will remain registered in that capacity.
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