PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Banking & Financial Services  | Mutual Funds

MFDA Hearing Panel accepts Settlement Agreement with Orville Carruthers

Share with Twitter Share with LinkedIn

TORONTO, Oct. 24, 2013 /CNW/ - A Settlement Hearing in the matter Orville Keith Carruthers (the "Respondent") was held yesterday in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council.

The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent has paid a fine of $5,000 and $2,500 in costs.

In the Settlement Agreement, the Respondent admitted that between June 26, 2008 and August 20, 2012, he obtained, maintained and/or used approximately 170 account forms in 60 client accounts which were signed by clients when the account forms were blank or only partially complete, or contained photocopies of client signatures, contrary to MFDA Rule 2.1.1.

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.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.

SOURCE Mutual Fund Dealers Association of Canada



Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release