MFDA sanctions Vancouver advisorBy The IJ Staff | January 08 2020 02:14PM
A Mutual Fund Dealers Association of Canada (MFDA) Hearing Panel approved a settlement agreement on Jan. 6 with Kindle Briten Megan Blythe that includes a fine in the amount of $35,000, plus costs of $5,000.
In the settlement agreement, Blythe admitted she submitted 3 Know-Your-Client (KYC) Update Forms to update account records of a client without exercising due diligence to ensure that the client was aware of and had authorized the changes to her KYC information.
She also admitted she facilitated the processing of approximately 180 trades in the investment accounts of her client without exercising due diligence to ensure that her client had authorized all elements of the trades that were processed in the account.
Finally, she admitted she created records of purported instructions received from her client which had not in fact been received and failed to exercise due diligence to ensure that the records of instructions that she created accurately described instructions that had been received from her client.
To learn more, consult the Settlement Agreement.