Common use of JOINT SETTLEMENT RECOMMENDATION Clause in Contracts

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between June 2002 and March 2014, the Respondent opened a client account, updated the client’s Know-Your-Client information on three occasions and processed trades in the client’s account without having communicated directly with the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account accepted, contrary to MFDA Rules 2.2.1 and 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 pursuant to s. 24.1.1(b) of MFDA By-law No. 1; (b) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-law No. 1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and 2.1.1; and (d) the Respondent will attend in person on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between January 2009 and June 2002 and March 20142015, the Respondent opened a client accountobtained, updated the client’s Knowpossessed, and in some instances, used to process transactions, 16 pre-Your-Client information on three occasions and processed trades signed account forms in the client’s account without having communicated directly with the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account acceptedrespect of 9 clients, contrary to MFDA Rules 2.2.1 and Rule 2.1.1; and b) in April 2015, the Respondent falsified 1 account form in respect of 2 clients by altering information on the account form without having the clients initial the alterations, contrary to MFDA Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 7,500 pursuant to s. 24.1.1(b) of MFDA By-law No. 1; (b) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-law No. 1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and Rule 2.1.1; and (d) the Respondent will attend in person person, on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between June 2002 February 2014 and March 2014May 2015, the Respondent opened a client accountfalsified and used to process transactions, updated the client’s Know-Your-Client 3 account forms in respect of 3 clients by altering information on three occasions and processed trades in the client’s account forms without having communicated directly with the client, thereby failing to use due diligence to learn clients initial the essential facts relative to the client and to each order or account acceptedalterations, contrary to MFDA Rules 2.2.1 Rule 2.1.1; and b) between February 2014 and May 2015, the Respondent obtained, possessed, and in some instances, used to process transactions, 24 pre-signed account forms in respect of 10 clients, contrary to MFDA Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 10,000 pursuant to s. 24.1.1(b) of MFDA By-law No. 1No.1; (b) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-law No. 1No.1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and Rule 2.1.1; and (d) the Respondent will attend in person person, on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between June 2002 April 2013 and March 2014December 2015, the Respondent opened a client accountobtained, updated the client’s Knowpossessed, and/or used to process transactions, 25 pre-Your-Client information on three occasions and processed trades signed account forms in the client’s account without having communicated directly with the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account acceptedrespect of eleven clients, contrary to MFDA Rules 2.2.1 and Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 8,000 pursuant to s. section 24.1.1(b) of MFDA By-law No. 1; (b) the Respondent shall pay costs in the amount of $2,500 2,500, pursuant to s. section 24.2 of MFDA By-law No. 1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and 2.1.1; and (d) the Respondent will attend in person on the date set for the Settlement HearingHearing in person. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between June 2002 August 2011 and March 20142012, the Respondent opened an account for a client accountclient, updated recorded the client’s Know-Your-Client information information, and on three occasions processed a total of two transfers and processed three trades in the client’s account without having met or communicated directly with the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account accepted, contrary to MFDA Rules 2.2.1 and 2.1.1; and b) on or about November 23, 2011, the Respondent completed a trade form which incorrectly indicated that she spoke with a client and obtained the client’s authorization to process two trades in the client’s account, contrary to MFDA Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 pursuant to s. 24.1.1(b) of MFDA By-law No. 1; (b) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-law No. 1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and 2.1.1; and (d) the Respondent will attend in person person, on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between June 2002 and March 2014on January 28, 2016, the Respondent opened a client account, updated processed an unauthorized withdrawal from the client’s Know-Your-Client information bank account of 2 clients in order to purchase mutual funds on three occasions and processed trades in behalf of the client’s account without having communicated directly with the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account acceptedclients, contrary to MFDA Rules 2.2.1 Rule 2.1.1; and b) between January 15, 2016 and January 29, 2016, the Respondent misled 2 clients about the status of a cheque that the clients had provided to him for the purchase of mutual funds, contrary to MFDA Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 pursuant to s. 24.1.1(b) of MFDA By-law No. 1No.1; (b) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-By- law No. 1No.1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and Rule 2.1.1; and (d) the Respondent will attend in person person, on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDAthat: a) between June 2002 May 13, 2011 and March April 11, 2014, the Respondent opened a he altered and used to process transactions, 3 client accountaccount forms with respect to 3 clients, updated the client’s Know-Your-Client information on three occasions and processed trades in the client’s account without having communicated directly with the client, thereby failing to use due diligence to learn clients initial the essential facts relative to the client and to each order or account acceptedalterations, contrary to MFDA Rules 2.2.1 Rule 2.1.1; and b) between February 22, 2007 and June 27, 2013, he, or his assistant for whom he was responsible, obtained, possessed and used to process transactions, 33 pre- signed account forms in respect of 26 clients, contrary to MFDA Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 11,250 upon acceptance of this Settlement Agreement, pursuant to s. section 24.1.1(b) of MFDA By-law No. 1; (b) the Respondent shall pay costs in the amount of $2,500 2,500, pursuant to s. section 24.2 of MFDA By-law No. 1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and Rule 2.1.1; and (d) the Respondent will attend in person on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between June 2002 May 2011 and March 2014August 2015, the Respondent opened a client account, updated the client’s Know-Your-Client altered 10 account forms in respect of 8 clients by altering information on three occasions and processed trades in the client’s account forms without having communicated directly with the client, thereby failing to use due diligence to learn clients initial the essential facts relative to the client and to each order or account acceptedalterations, contrary to MFDA Rules 2.2.1 Rule 2.1.1; and b) between April 2012 and August 2015, the Respondent obtained, possessed, and in some instances, used to process transactions, 13 pre-signed account forms in respect of 6 clients, contrary to MFDA Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 5,000 pursuant to s. 24.1.1(b24.1.1.(b) of MFDA By-law No. 1; (b) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-law No. 1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and Rule 2.1.1; and (d) the Respondent will attend in person person, on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between June 2002 2008 and March 2014May 2015, the Respondent opened a falsified 6 account forms in respect of 1 client account, updated the client’s Know-Your-Client by altering information on three occasions and processed trades in the client’s account forms without having communicated directly with obtaining client initials authorizing the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account acceptedalterations, contrary to MFDA Rules 2.2.1 Rule 2.1.1; and b) between June 2008 and May 2015, the Respondent obtained and possessed, 6 pre- signed account forms in respect of 2 clients, contrary to MFDA Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 7,500 pursuant to s. 24.1.1(b) of MFDA By-law No. 1; (b) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-law No. 1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and Rule 2.1.1; and (d) the Respondent will attend in person by teleconference on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between October 2014 and June 2002 and March 20142015, the Respondent opened a client accountfalsified, updated the client’s Know-Your-Client and in at least 1 instance, used to process transactions, 4 account forms in respect of 4 clients, by altering information on three occasions and processed trades in the client’s account forms without having communicated directly with the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account acceptedinitial the alterations, contrary to MFDA Rules 2.2.1 Rule 2.1.1.; and b) between May 2015 and February 2016, the Respondent obtained, possessed, and in at least 16 instances, used to process transactions, 45 pre-signed account forms in respect of 8 clients, contrary to MFDA Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 10,000 upon acceptance of this Settlement Agreement, pursuant to s. section 24.1.1(b) of MFDA By-law No. 1; (b) the Respondent shall pay costs in the amount of $2,500 2,500, pursuant to s. section 24.2 of MFDA By-law No. 1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and Rule 2.1.1; and (d) the Respondent will attend in person on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between June 2002 Between July 6, 2004 and March 2014May 7, 2014 the Respondent opened a client accountRespondent, updated the client’s Know-Your-Client information on three occasions or his assistant for whom he was responsible, obtained, possessed, and processed trades in the client’s 2 instances, used to process transactions, 54 pre- signed account without having communicated directly with the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account acceptedforms in respect of at least 28 clients, contrary to MFDA Rules 2.2.1 and Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 9,000 pursuant to s. 24.1.1(b) of MFDA By-law No. 1No.1; (b) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-By- law No. 1No.1; (c) the fine shall be payable in 12 monthly installments in the amount of $750 each, the first of which shall be paid on the final business day of the month that follows the date of the acceptance of the settlement agreement by the Hearing Panel; d) the Respondent shall in the future comply with MFDA Rules 2.2.1 and Rule 2.1.1; and (de) the Respondent will attend in person by teleconference, on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.

JOINT SETTLEMENT RECOMMENDATION. 3. Staff and the Respondent jointly recommend that the Hearing Panel accept the Settlement Agreement. 4. The Respondent admits to the following violations of the By-laws, Rules or Policies of the MFDA: a) between June 2002 February 2014 and March 2014February 2016, the Respondent opened a client accountaltered and, updated the client’s Know-Your-Client in some instances, used to process transactions, 7 account forms in respect of 8 clients by altering information on three occasions and processed trades in the client’s account forms without having communicated directly with obtained client initials authorizing the client, thereby failing to use due diligence to learn the essential facts relative to the client and to each order or account acceptedchanges, contrary to MFDA Rules 2.2.1 Rule 2.1.1; and b) between February 2014 and February 2016, the Respondent obtained, possessed and, in some instances, used to process transactions, 4 pre-signed account forms in respect of 5 clients, contrary to MFDA Rule 2.1.1. 5. Staff and the Respondent agree and consent to the following terms of settlement: (a) the Respondent shall pay a fine in the amount of $15,000 8,500 pursuant to s. 24.1.1(b) of if MFDA By-law No. 1; (b) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-law No. 1; (c) the Respondent shall in the future comply with MFDA Rules 2.2.1 and Rule 2.1.1; and (d) the Respondent will attend in person person, on the date set for the Settlement Hearing. 6. Staff and the Respondent agree to the settlement on the basis of the facts set out in Part III herein and consent to the making of an Order in the form attached as Schedule “A”.