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TORONTO, March 23, 2022 /CNW/ – The Mutual Fund Dealers Association of Canada (the “MFDA”) announced that it has issued a Notice of Settlement Hearing dated March 9, 2022regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Kenneth George Russell (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that:
a) between approximately June 2016 and May 2019the Respondent misrepresented or failed to adequately and accurately explain to two clients who were spouses the tax liability consequences associated with a mutual fund investment that he recommended that the clients purchase in the clients’ joint account, thereby failing to ensure that the investment was suitable for the clients and was in keeping with their investment objectives, contrary to MFDA Rules 2.2.1 and 2.1.1;
b) between approximately May 2017 and December 2019the Respondent failed to report …
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