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MFDA Hearing Panel accepts settlement agreement with Troy Allen Hale

·2 min read

TORONTO, Dec. 16, 2020 /CNW/ - A settlement hearing in the matter of Troy Allen Hale ("Respondent") was held by electronic hearing on December 15, 2020 in Calgary, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel accepted the settlement agreement dated December 14, 2020 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:

  • a fine in the amount of $22,500; and

  • costs in the amount of $2,500; and

  • shall in the future comply with MFDA Rules 1.1.2, 2.1.1, 2.1.4, 2.5.1.

In the Settlement Agreement, the Respondent admitted that:

a) between November 2016 and October 2017, the Respondent processed 18 transactions in respect of 18 clients as redemptions and purchases, rather than as switches, to ensure that the transactions counted toward sales targets established by the Member for the Respondent, thereby engaging in conduct which gave rise to a conflict of interest which the Respondent failed to disclose to the Member, or address by the exercise of responsible business judgement influenced only by the best interests of the client, contrary to the Member's policies and procedures and MFDA Rule 1.1.2, 2.1.1, 2.1.4, and 2.5.1; and

b) between November 2016 and May 2017, the Respondent obtained, possessed, and used to process transactions, 10 pre-signed account forms in respect of 10 clients, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Medicine Hat, Alberta, area.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 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

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/December2020/16/c3532.html