TORONTO, Jan. 17, 2014 /CNW/ - A Settlement Hearing in the matter of Robert Laurie Bowness (the "Respondent") was held on December 18, 2013, in Halifax, Nova Scotia, before a Hearing Panel of the MFDA's Atlantic Regional Council (the "Hearing Panel"). At that time, the Hearing Panel reserved its decision as to whether it would accept or reject the settlement agreement entered into by the Respondent and MFDA Staff on December 10, 2013 (the "Settlement Agreement").
By Decision and Reasons issued January 16, 2014, the Hearing Panel has accepted the Settlement Agreement, as a consequence of which the Respondent:
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(a) |
has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of one (1) year; |
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(b) |
has paid a fine in the amount of $5,000; and |
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(c) |
has paid costs in the amount of $2,500. |
In the Settlement Agreement, the Respondent admitted that:
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(a) |
between September 2004 and March 2012, he obtained and maintained 68 pre-signed account forms for 26 clients and used pre-signed forms to process transactions in at least five client accounts, contrary to MFDA Rule 2.1.1; |
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(b) |
between May 4, 2011 and May 20, 2011, he engaged in client-authorized discretionary trading by processing eight redemptions in the amount of $4,900 each in the account of client RT by photocopying one blank redemption form pre-signed by client RT and using the copies to process the redemptions without obtaining instructions from the client as to the selection of the mutual fund(s) to be redeemed, contrary to MFDA Rule 2.3.1; and |
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(c) |
between 2009 and October 2011, he falsified the signatures of six clients on a total of 16 account forms used to process transactions in the clients' accounts, contrary to MFDA Rule 2.1.1. |
The Settlement Agreement and the Hearing Panel's Decision and Reasons are available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in Bedford, Nova Scotia.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 112 Members and their approximately 80,000 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
RELATED LINKShttp://www.mfda.ca
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