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Wealth Professional | 03 Mar 2015, 10:34 AM Agree 0
A whopping $250,000 MFDA fine and permanent ban against a former advisor highlights the discrepancy between collecting in one province compared to all the rest.
  • Ken MacCoy, CHS | 03 Mar 2015, 01:11 PM Agree 0
    So, the MFDA 'put the boots to Adeola' fining the respondent $250,000 & assessing costs of $10,000. What an inane statement! The fine could have been double & had the same affect... zippa, notta, zero in MFDA's coffer. - FYI: Large fines are NO deterrent for people who 'take the money and run' from the industry. If the MFDA is serious about their mandate, they need to get ALL provinces to follow Alberta's lead so they have a bigger bite as an SRO.
  • Bob T | 03 Mar 2015, 01:25 PM Agree 0
    A large fine that cannot be collected does nothing to deter conduct. A person conducting himself inappropriately knows that if he is not caught he continues to benefit from his acts but if he is caught he loses his license and never faces any monetary consequences.

    Alberta sets an example but even in Alberta the collections against individuals are likely to be small. Fines need to be levied against both the advisor and the firm and collected.
  • Will Ashworth | 04 Mar 2015, 11:43 AM Agree 0
    That's an excellent point, Bob. The fines need to be big and they need to levied against the firms, and not just the advisors, as well.
  • Will Ashworth | 04 Mar 2015, 11:45 AM Agree 0
    Ken, you are so right as is Bob. Toothless SROs equals inaction.
  • Robert Dewar | 07 Mar 2015, 05:52 PM Agree 0
    How do Agents do these things?

    I would not be able to do them because my compliant officer would not allow me to do it!
  • Ken kivenko | 08 Mar 2015, 01:00 AM Agree 0
    SIPA have argued for over a decade. Hold the dealer responsible if salesperson doesn't pay and hold the dealer responsible for deficient supervision by its representatives.
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