MFDA fines advisor $50,000By The IJ Staff | February 08 2019 01:30PM
The Mutual Fund Dealers Association of Canada (MFDA) announced this week that a disciplinary hearing held in Calgary found two allegations of misconduct against Saveth Law had been established.
In particular, the Hearing Panel found that Law signed the initials of a client on an account form in order to change the client's Know-Your-Client information without the client's knowledge or approval.
Law also failed to cooperate with an investigation conducted by MFDA Staff.
The Hearing Panel imposed the following sanctions: a permanent ban from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member; a fine in the amount of $50,000; and costs in the amount of $7,500.