Cases also highlight pre-signed forms
Failures span multiple years
Desjardins Financial Security Services faces a fine of $200,000 and costs of $25,000 after the MFDA found it failed to investigate and prevent the dealings of a former advisor. Starting in December 2008, the MFDA settlement says, mutual fund rep Conrad Eagan engaged in unauthorized outside business activities such as preparing wills and accepting an […]
Organization calls for government action
Signature falsification cases continue to rise
The MFDA has released a research report on its members, advisors and clients. The report aims to offer more information on MFDA members’ business operations as well as inform stakeholders of the potential impact of an embedded commissions ban. The MFDA recognizes there are factors at play that it hasn’t measured, but says, “Although it […]
The absolute numbers are relatively small, however.
The MFDA has fined HollisWealth Advisory Services Inc. for failure to supervise approved persons and for inappropriate business conduct regarding an acknowledgement and release. In Toronto on March 7, 2017, a three-member hearing panel imposed: a fine of $130,000; costs of $20,000; and future compliance with MFDA rules 2.1.1, 2.1.2, 2.3.1 and 2.2.1, and MFDA […]
Christopher Singer has been fined more than $60,000 over failure to use due diligence and to ensure an investment was suitable for one client. Singer has been registered in the mutual fund industry since 2001 and as a dealing representative with FundEX investments since 2004, says MFDA in a reasons and decisions document that details […]
In 2016, the MFDA commenced 111 disciplinary proceedings and finished 85, reveals an MFDA bulletin — the highest numbers ever. The bulletin also notes that MFDA initiated 11 proceedings against members. Alleged member misconduct in 2016 includes: failure to supervise approved persons regarding investment and leveraging recommendations, outside activity and the appointment of approved persons […]