MFDA Hearing Panel approves settlement agreement with Kenneth Foster

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

MFDA Hearing Panel approves settlement agreement with Kenneth Foster

Canada NewsWire

TORONTO, March 26, 2020 /CNW/ - A settlement hearing in the matter of Kenneth Daniel Foster ("Respondent") was held on March 26, 2020 in St. John's, Newfoundland before a three-member Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel approved the settlement agreement dated December 10, 2019 ("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, payable as follows:
    • $500.00 on or before April 30, 2020;
    • $500.00 on or before May 29, 2020;
    • $500.00 on or before June 30, 2020;
    • $500.00, on or before July 31, 2020;
    • $500.00 on or before August 31, 2020;
  • costs in the amount of $2,500; and
  • shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

a) 

between September 2013 and June 2019, he obtained, possessed, and in some instances, used to process transactions, 96 pre-signed account forms in respect of eight clients, contrary to MFDA Rule 2.1.1; and

b)

on or about September 29, 2017, he cut and pasted a client signature from an account form previously signed by the client, and maintained the account form in the client's file, 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 St. John's, Newfoundland and Labrador 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 81,000 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

Cision View original content: http://www.newswire.ca/en/releases/archive/March2020/26/c9509.html

Copyright CNW Group 2020

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).