MFDA fines rep $10,000 over pre-signed forms

A settlement hearing in the matter of Brian Blundell was held on May 12, 2016 in Vancouver, British Columbia before a three-member hearing panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada.

The hearing panel accepted the settlement agreement between Staff of the MFDA and Blundell, as a consequence of which the respondent:

• has paid a fine in the amount of $10,000;
• has paid costs in the amount of $1,000; and
• in future, shall comply with all MFDA By-laws, Rules and Policies and all applicable securities legislation and regulations made thereunder including MFDA Rule 11.2, 2.11 and 2.5.1.

In the settlement agreement, the respondent admitted that:

• between March 2010 and May 2014, he obtained, maintained and used to process redemptions 10 pre-signed account forms in respect of three clients, contrary to MFDA Rule 2.1.1; and;
• between 2010 and 2014, he misled the member by affirming that he did not obtain or possess any pre-signed account forms when completing Worldsource’s Annual Registration Renewal Questionnaire contrary to MFDA Rule 2.1.1.

Read the settlement agreement. During the period described in the settlement agreement, the Respondent carried on business in the Vancouver, British Columbia area.

Staff

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