- Non-Approved Persons Conducting Securities Related Business
- December 5, 2014
- Law Firm: Borden Ladner Gervais LLP - Toronto Office
Re Blair Stonewall Jackson Roche, File No. 201420
The MFDA approved a settlement agreement in circumstances where the Respondent, Blair Roche, admitted to permitting two non-Approved Persons to conduct securities related business with clients through the Member, contrary to MFDA Rules 1.1.1(c), 1.1.2 and 2.1.1; and further admitted to producing and distributing approximately 80 portfolio summaries to approximately 45 clients without the knowledge or involvement of the Member, thereby interfering with the ability of the Member to supervise the respondent, contrary to MFDA Rules 1.1.2, 2.5.1 and Rule 2.1.1.
The Respondent further admitted to violating MFDA Rule 2.1.3 by producing portfolio summaries for clients who were spouses that disclosed the spouses’ individual accounts on the same portfolio summary without the clients’ prior written consent to authorize the sharing of individual account information.
The Respondent agreed to pay a fine in the amount of $12,500 and costs in the amount of $2,500. He further agreed to a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA member for a period of three (3) months.