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On September 24, 2015, a three-member hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada heard three separate proceedings. The details are as follows.

The hearing of Neil Rutley

A settlement hearing in the matter of Neil Rutley was held on September 24, 2015, at which the hearing panel approved the settlement agreement between Staff of the MFDA and Rutley, as a consequence of which Rutley:

  • has paid a fine in the amount of $10,000;
  • has paid costs in the amount of $2,500; and
  • shall in the future comply with MFDA Rules 1.1.2, 2.1.1 and 2.5.1.

In the settlement agreement, Rutley admitted that between November 2005 and February 2014, he:

  • obtained and maintained, 16 blank pre-signed forms in respect of eight clients; and
  • accepted cash from a client (on February 12, 2014), thereby failing to comply with Investors Group anti-money laundering procedures.

Read the settlement agreement. During the period described in the agreement, Rutley carried on business in Belleville, Ontario).

The hearing of Mansu Ding

A settlement hearing in the matter of Mansu Ding was held on September 24, 2015, at which the hearing panel approved the settlement agreement between Staff of the MFDA and Ding, as a consequence of which Ding:

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

In the settlement agreement, Ding admitted that between April 2010 and April 2013, she obtained, maintained and (in some instances) used to process trades, a total of 65 pre-signed account forms in respect of 15 clients.

Read the settlement agreement. During the period described in the agreement, Ding carried on business in the Ottawa, Ontario area).

The hearing of William Richardson

A settlement hearing in the matter of William Richardson was held on September 24, 2015, at which the hearing panel approved the settlement agreement between Staff of the MFDA and Richardson, as a consequence of which Richardson:

  • has paid a fine in the amount of $8,750;
  • has paid costs in the amount of $2,500; and
  • shall in the future comply with MFDA Rule 2.1.1.

In the settlement agreement, Richardson admitted that between January 2010 and December 2014, he:

  • obtained and possessed, 13 blank pre-signed forms in respect of 10 clients; and
  • failed to accurately respond to Investors Group’s Annual Attestations by incorrectly affirming that he did not obtain or possess any pre-signed forms.

Read the settlement agreement. During the period described in the agreement, Richardson carried on business in the Midland, Ontario area.

Originally published on Advisor.ca

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