The Mutual Fund Dealers Association of Canada (MFDA) announced Oct. 25 that it has fined Serge Luc Robichaud of New Brunswick $20,000 plus costs in the amount of $5,000. He also received a prohibition from conducting securities related business for an MFDA member for a period of eight weeks.
In the settlement agreement, Robichaud admitted that between January and April 2015 he entered into a referral arrangement with a third party and referred at least 11 clients to the third party and received compensation for this. This occurred “outside the facilities of the (MFDA) member. This conduct is contrary to the MFDA Member's policies and procedures, MFDA Rules 1.1.2, 2.5.1, 2.4.2, and 2.1.1, and sections 13.7 and 13.8 of National Instrument 31-103.
The MFDA adds that Robichaud “provided false or misleading statements” to the MFDA member during its investigation into his conduct.
In addition, between September 2010 and August 6, 2015, he obtained and maintained 22 blank or partially completed pre-signed account forms with respect to seven clients, says the regulator.
During the period described in the settlement agreement, Robichaud conducted business in the Dieppe, New Brunswick area. To learn more, consult the Settlement Agreement