Donald William Shaw will have to pay $20,000 in fines as part of a settlement agreement reached with a Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada held in Calgary June 6.
In the settlement agreement, Shaw admitted that between Oct 4, 2013, and Oct 8, 2013, he provided a short term loan of $440,000 to a client, which gives rise to a conflict or potential conflict of interest, stated the MFDA in an announcement.
Pre-signed account forms
In addition, from Nov 2012 to Nov 2015, he obtained, possessed, and in some instances, used to process transactions, 31 pre-signed account forms concerning 18 clients, and between Nov 2014 and April 2015, he altered four account forms concerning two clients by altering the date on the account forms without having the clients initial the alterations.
In addition to the fine, Shaw will have to pay costs in the amount of $2,500 and will in the future have to comply with MFDA rules 2.1.1 and 2.1.4.