TORONTO, June 12, 2014 /CNW/ - A Settlement Hearing in the matter of Bradley Lawrence Griffith (the "Respondent") was held yesterday in Toronto, Ontario before a three-person Hearing Panel of the Central 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 Respondent:
•has paid a $10,000 fine; •has paid costs of $5,000; and •shall in future comply with MFDA Rules 1.2.2(b), 2.3.1(a) and MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
from July 2007 to August 2009, he processed trades based on requests from someone other than the client, thus failing to obtain proper authorization for redemptions of approximately $39,516 from the client's account, contrary to MFDA Rule 2.3.1(a) and Rule 2.1.1; and
from May 2010 to August 2011, he failed to report to the Member a complaint he received, which raised the prospect of nine instances of unauthorized trading in the client's account, contrary to MFDA Rule 1.2.2(b), Rule 2.1.1, and section 4 of MFDA Policy No. 6; and thereby interfering with the ability of the Member to supervise the Respondent and comply with its obligations pursuant to MFDA Rule 2.5.1.
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 Strathroy, Ontario
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 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