TORONTO, April 5, 2017 /CNW/ - A settlement hearing in the matter of Phillip Ross Pattison ("Respondent") was held on March 31, 2017 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 ("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 $13,500;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
on or about September 16, 2015, he falsified a client's signature on one (1) account form, contrary to MFDA Rule 2.1.1; and
on or about September 21, 2015, he misled the Member during its investigation into his conduct by failing to advise that he had falsified a client signature on an account form, and by falsely representing to the Member that the client had previously signed the account form, contrary to MFDA Rule 2.1.1.
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 83,000 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.