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ARTICLE · 02 OCTOBER 2014

Failure To Obtain Proper Trading Authorization

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The MFDA approved a settlement agreement in circumstances where the Respondent processed trades based on requests from someone other than the client.

CanadaFinance and Banking
Devin Persaud
Devin Persaud
Laura Paglia
Laura Paglia
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Re Bradley Griffith, File No. 201329

The MFDA approved a settlement agreement in circumstances where the Respondent processed trades based on requests from someone other than the client. In doing so he failed to obtain proper authorization for redemptions of approximately $39,516 from the client's account, contrary to MFDA Rule 2.3.1(a) and Rule 2.1.1. The Respondent also failed to report to the Member a complaint he received, which raised the prospect of nine instances of unauthorized trading in the client's account, contrary to MFDA Rule 1.2.2(b), and Rule 2.1.1.

The Respondent agreed to the terms of settlement which included: a fine in the amount of $10,000, costs in the amount of $5,000, future compliance with MFDA Rules, and attendance at the Settlement Hearing in person.

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