Press "Enter" to skip to content

MFDA Hearing Panel accepts settlement agreement with Robert Colvin

TORONTO, Nov. 2, 2022 /CNW/ – A settlement hearing in the matter of Robert Angus Colvin (the “Respondent”) was held electronically by videoconference on November 1, 2022 in Winnipeg, Manitoba 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 August 15, 2022 (the “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 $25,000;
  • costs in the amount of $5,000;
  • shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an industry course acceptable to the MFDA, by November 1, 2023; and
  • shall in the future comply with MFDA Rules 2.1.1, 2.1.4, and 1.1.2 (as it relates to Rule 2.5.1), and MFDA Policy No. 3.

In the Settlement Agreement, the Respondent admitted that:

a)  between October 2010 and November 2019, without the Member’s prior written consent, he paid compensation totaling approximately $1,376 directly to 9 clients for fees or penalties incurred by the clients due to his errors, contrary to the Member’s policies and procedures and MFDA Rules 2.1.4, 2.1.1, 1.1.2 (as it relates to Rule 2.5.1), and MFDA Policy No. 3;

b)  between December 2014 and September 2019, he altered and used to process transactions, 30 account forms in respect of 26 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and

c)  between February 2015 and February 2020, he obtained, possessed and used to process transactions, 7 pre-signed account forms in respect of 8 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 conducted business in the Winnipeg, Manitoba 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 76,695 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

View original content: http://www.newswire.ca/en/releases/archive/November2022/02/c6137.html

This post was originally published on this site

Be First to Comment

Leave a Reply

Your email address will not be published.