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26.05.2022 22:20

MFDA Hearing Panel approves two settlement agreements

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TORONTO, May 26, 2022 /CNW/ - On May 25, 2021, a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following two settlement proceedings, the particulars of which are:

Paul Bannab

A hearing in the matter of Paul Bannab ("Bannab") was held electronically by videoconference on May 25, 2022 at which the Hearing Panel approved the settlement agreement dated March 22, 2022 ("Settlement Agreement"), between Staff of the MFDA and Bannab, as a consequence of which the following sanctions were imposed:

  • a permanent prohibition from acting as a branch manager or in any supervisory capacity for a Member of the MFDA, commencing May 25, 2022;
  • a fine in the amount of $5,000 ("Fine");
  • costs in the amount of $5,000 ("Costs");
  • payment of the Fine and Costs shall be made in instalments as follows:
    • $5,000 on May 25, 2022;
    • $1,666.66 on or before June 30, 2022;
    • $1,666.67 on or before July 29, 2022;
    • $1,666.67 or before August 31, 2022; and
  • shall in the future comply with MFDA Rules 1.1.2, 2.1.1, 2.5.1, and 2.5.5(f).

In the Settlement Agreement, Bannab admitted that beginning in October 2017, he, in his capacity as alternate branch manager, failed to report to the Member in close supervision reports that an Approved Person who was the subject of the reports had borrowed monies from three clients who were also Approved Persons of the Member, contrary to the Member's policies and procedures and MFDA Rules 1.1.2, 2.1.1, 2.5.1, and 2.5.5(f).

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Bannab conducted business in the St. Catharines, Ontario area.

Pieter Lindhout

A hearing in the matter of Pieter Hendrik Leendert Lindhout ("Lindhout") was held electronically by videoconference on May 25, 2022 at which the Hearing Panel approved the settlement agreement dated March 14, 2022 ("Settlement Agreement"), between Staff of the MFDA and Lindhout, as a consequence of which the following sanctions were imposed:

  • a fine in the amount of $30,000 ("Fine");
  • costs in the amount of $5,000 ("Costs");
  • shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an industry course acceptable to Staff of the MFDA, by May 25, 2023; and
  • shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Lindhout admitted that:

  • between April 2015 and November 2018, he photocopied signature pages from account forms that had been signed by clients and re-used the signature pages to complete 23 additional forms in respect of 14 clients, contrary to MFDA Rule 2.1.1;
  • between October 2015 and November 2018, he altered and used to process transactions 17 account forms in respect of 6 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
  • between April 2015 and November 2018, he obtained and possessed 6 pre-signed account forms in respect of 2 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, Lindhout carried on business in the Sarnia, 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

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