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24.02.2021 22:45:00
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MFDA Hearing Panel accepts settlement agreement with Nancy Lebel
TORONTO, ON, Feb. 24, 2021 /CNW/ - A settlement hearing in the matter of Nancy Lebel ("Respondent") was held by electronic hearing on February 8, 2021, before a three-member Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement dated October 8, 2020, ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $19,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.1.4 and 2.1.1, and Policy No. 3.
In the Settlement Agreement, the Respondent admitted that:
a) | in August 2017, as a result of an error in the processing of a client's account resulting in an unexpected deferred sales charge in the amount of $616.07, she indemnified the client by personally and fully reimbursing the client for these fees without first informing or obtaining the Member's consent, contrary to the Member's policies and procedures and the requirements prescribed by MFDA Rules 2.1.4 and 2.1.1, and Policy No. 3; |
b) | between September 26, 2013 and July 24, 2018, she obtained, possessed and, in some instances, used to process transactions, 24 pre-signed account forms in respect of 13 clients, contrary to MFDA Rule 2.1.1; |
c) | between September 28, 2009 and August 27, 2018, she altered and used to process transactions, 31 account forms in respect of 21 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and |
d) | on June 22, 2017, she photocopied or scanned signature pages of account forms that had already been signed by a customer, and then used those copies or scans to complete 4 new forms for the customer, 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 carried on business in the Grand-Sault, New Brunswick 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 81,000 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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