TORONTO, May 25, 2021 /CNW/ - A settlement hearing in the matter of Zanecia Ramjohn ("Respondent") was held on May 21, 2021 by electronic hearing before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement dated April 25, 2021 ("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 $2,500;
costs in the amount of $2,500;
a prohibition 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 3 months;
successful completion of the IFSE Ethics and Professional Conduct (EPC) course offered by The Investment Funds Institute of Canada within one year; and
shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
between December 10, 2015 and November 8, 2018, she obtained, possessed, and used to process transactions, 9 pre-signed account forms in respect of 6 clients, contrary to MFDA Rule 2.1.1; and
between September 9, 2015 and October 28, 2018, she altered and used to process transactions 43 account forms in respect of 20 clients, by altering information on the account forms without having the clients initial the alterations, 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 conducted business out of the Oakville, Ontario 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 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
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