Global Maxfin Investments fined $35,000By The IJ Staff | August 31 2018 01:30PM
The Mutual Fund Dealers Association of Canada announced this week that Global Maxfin Investments Inc. has been fined $35,000 plus costs of $10,000.
An MFDA hearing panel held in Toronto approved the settlement agreement, in which Global Maxfin Investments admitted that between December 2011 and January 2015, it failed to establish, implement and maintain adequate internal controls to supervise the activities of a representative “so as to detect and prevent unusual trading patterns” by the rep, including excessive trading, excessive switching and market timing, says the MFDA.
Global Maxfin also admitted to failing to conduct a reasonable supervisory investigation after becoming aware that the rep maintained and used pre-signed client forms to process transactions in clients accounts, says the regulator.
To learn more, consult the settlement agreement on the MFDA’s website.