A settlement hearing in the matter of Queensbury Strategies Inc. was held today in Toronto, Ontario before a hearing panel of the MFDA’s Central Regional Council.
The hearing panel accepted the settlement agreement between the respondent and MFDA staff, as a consequence of which the respondent:
- Paid a fine in the amount of $35,000; and
- Paid costs in the amount $2,500.
In the settlement agreement, the respondent admitted that:
- During the review period of the 2009 compliance examination of March 1, 2006 to June 30, 2009, it failed to adequately establish, implement and maintain policies and procedures to supervise trades, contrary to MFDA Rules 2.2.1, 2.5.1, 2.9, and 2.10, and MFDA Policy No. 2;
- During the review period of 2009 compliance examination of March 1, 2006 and June 30, 2009 it failed to maintain adequate records of trade supervision, including records of trades reviewed, inquiries made, responses received and resolutions achieved, contrary to MFDA Rules 2.2.1, 2.5.1, 2.5.2 (now 2.5.3), 2.5.3 (now 2.5.5), 2.5.4 (now 2.5.7), and 2.9, and MFDA Policy No. 2; and
- Between April 2006 and May 2008, it failed to conduct reasonable supervisory investigations of the activities of a former Approved Person and to take such reasonable supervisory and disciplinary measures as would be warranted by the results of its investigations, contrary to MFDA Rules 2.5.1 and 2.1.1(c).
The hearing panel advised that it will issue written reasons for its decision in due course. A copy of the settlement agreement is available on the MFDA website at www.mfda.ca.