TORONTO, ON, Aug. 3, 2021 /CNW/ - A settlement hearing in the matter of Roland Martin Weiler ("Respondent") was held today by electronic hearing, before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement dated July 23, 2021 ("Settlement Agreement"), between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a suspension from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one month;
- a fine in the amount of $20,000;
- costs in the amount of $5,000; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between March 2014 and January 2018, he, or his assistants for whom he was responsible, obtained, possessed, and in some instances, used to process transactions, 45 pre-signed account forms in respect of 20 clients, 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 Waterloo, Ontario 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 80,000 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