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 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 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 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 June 2002 2011 and February 2015, the Respondent obtained, possessed, and used to process transactions, 3 pre-signed account forms, contrary to MFDA Rule 2.1.1; and b) between June 2011 and March 13, 2014, the Respondent opened did not review the information on 3 account forms with a client account, updated in respect of 3 transactions requested by the client’s Know-Your-Client , and then signed the account forms in his capacity as Approved Person, falsely attesting that he had reviewed the information on three occasions and processed trades in the client’s account without having communicated directly forms 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 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 6,500 pursuant to s. 24.1.1(b) of MFDA By-law No. 1No.1; (b) the Respondent shall be prohibited from acting in the capacity of a branch manager for a period of 6 months pursuant to s. 24.1.1(e) of MFDA By-law No.1; c) the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-By- law No. 1No.1; (cd) 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 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 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 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 May 2012 and March January 2014, the Respondent opened processed approximately 188 authorized discretionary trades as part of a client account, updated the client’s Knowdollar-Your-Client information on three occasions and processed trades cost averaging strategy in the client’s account without having communicated directly with the client, thereby failing relation to use due diligence to learn the essential facts relative to the client and to each order or account accepted10 clients, contrary to MFDA Rules 2.2.1 2.3.1 and 2.1.1; and b) between August 13, 2013 and March 31, 2014, the Respondent processed 11 trades in the accounts of 2 clients based on the requests of the clients’ spouses, contrary to MFDA Rules 2.3.1 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 20,000 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 2.3.1 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 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 and March 2014on November 17, 2015, the Respondent opened cut and pasted a client accountsignature from an account form previously signed by a client onto a new account form, updated and used the client’s Know-Your-Client information on three occasions and processed trades in the client’s new account without having communicated directly with the client, thereby failing form to use due diligence to learn the essential facts relative to the client and to each order or account acceptedprocess a transaction, 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 4,500 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 be prohibited from acting as a branch manager for a period of 3 months pursuant to s. 24.1.1(e) of MFDA By-law No. 1; 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 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”.