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MFDA Hearing Panel accepts Settlement Agreement with Don Andrews

TORONTO, April 8, 2014 /CNW/ - A Settlement Hearing in the matter of Don Everett Andrews (the "Respondent") was held today in Toronto, Ontario 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 ("Settlement Agreement") between Staff of the MFDA ("Staff") and the Respondent, as a consequence of which the Respondent:

  • is prohibited from acting as a mutual fund salesperson for a period of three (3) years commencing on the date of acceptance of the Settlement Agreement;
  • shall complete an industry course acceptable to Staff prior to becoming re-registered as a mutual fund salesperson with a Member of the MFDA;
  • shall pay a fine of $5,000; and
  • shall pay $5,000 in costs.

In the Settlement Agreement, the Respondent admitted that between 2007 and 2008:

(a) 

by selling, referring or facilitating the sale of USI Corp. viatical settlements to at least 8 Sun Life clients and 10 other individuals in a total amount of $880,000, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of Sun Life, contrary to MFDA Rules 1.1.1(a) and 2.1.1;



(b) 

by selling, referring or facilitating the sale of USI Corp. viatical settlements to Sun Life clients and other individuals, and by participating in the operation of AHC Corp., the Respondent had and continued in another gainful occupation which was not disclosed to and approved by Sun Life, contrary to MFDA Rules 1.2.1(d) and 2.1.1; and



(c) 

he entered into a referral arrangement with USI Corp. in respect of the sale of viatical settlements pursuant to which, along with Young (also a Respondent in the proceeding commenced by Staff), he was paid or entitled to receive referral fees or commissions totaling at least $13,200, contrary to MFDA Rules 2.4.2(b) and 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 Waterloo, Ontario.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 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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