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MFDA Hearing Panel approves four settlement agreements in signature cases

TORONTO , Feb. 24, 2017 /CNW/ - On February 23, 2017 , a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following four (4) proceedings, the particulars of which are:

Jeffery Duffey

A settlement hearing in the matter of Jeffery Duffey ("Duffey") was held on February 23, 2017 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Duffey, as a consequence of which the following sanctions were imposed:

  • a fine in the amount of $13,000 ;
  • costs in the amount of $2,500 ; and
  • shall in the future comply with MFDA Rule 2.1.1.


In the Settlement Agreement, Duffey admitted that:


A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Duffey carried on business in Ottawa, Ontario .

David Hennessey

A settlement hearing in the matter of David Lawrence Hennessey ("Hennessey") was held on February 23, 2017 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Hennessey, as a consequence of which the following sanctions were imposed:

  • costs in the amount of $1,000 ;
  • a prohibition from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of six (6) months; and
  • shall in future comply with MFDA Rule 2.1.1.


In the Settlement Agreement, Hennessey admitted that between January 2015 and February 2015 , he falsified the signatures of five (5) clients on ten (10) account forms, 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, Hennessey carried on business in the Greater Toronto Area .

Bin Tian

A settlement hearing in the matter of Bin Tian ("Tian") was held on February 23, 2017 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Tian, as a consequence of which the following sanctions were imposed:

  • costs in the amount of $1,500 ;
  • a prohibition from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of four (4) months; and
  • shall in future comply with MFDA Rule 2.1.1.


In the Settlement Agreement, Tian admitted that on or about June 23, 2015 , he falsified four (4) client signatures on account forms in respect of two (2) clients, and used the forms to process transactions, 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, Tian carried on business in the Scarborough, Ontario area.

Jean-Francois Rousseau

A settlement hearing in the matter of Jean-Francois Rousseau ("Rousseau") was held on February 23, 2017 at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Rousseau, as a consequence of which the following sanctions were imposed:

  • a fine in the amount of $11,000 ;
  • costs in the amount of $2,500 ; and
  • shall in future comply with MFDA Rule 2.1.1.


In the Settlement Agreement, Rousseau admitted that between February 2010 and March 2015 , he altered, and in some instances, used to process transactions, forty-six (46) account forms by altering information on the account forms without obtaining client initials authorizing the alterations.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Rousseau carried on business in the Etobicoke, 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 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.

SOURCE Mutual Fund Dealers Association of Canada


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