Another Cornwall Mutual Fund Dealer Nailed LUKE VICTOR BEDARD 082417

TORONTOAug. 23, 2017 /CNW/ – The Mutual Fund Dealers Association of Canada (“MFDA”) announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Central Regional Council.

The settlement agreement will be between Staff of the MFDA and Luke Victor Bedard (“Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns the allegations that:

    1. between January 2011 and May 2015, the Respondent falsified 65 client initials on account forms, in respect of 17 clients, and used the account forms to process transactions, contrary to MFDA Rule 2.1.1;
    2. between January 2011 and May 2015, the Respondent obtained, possessed and, in some instances, used to process transactions, 248 pre-signed account forms in respect of 47 clients, contrary to MFDA Rule 2.1.1; and
    3. on September 4, 2015, the Respondent misled MFDA Staff during the course of a compliance examination by stating that he does not have clients sign account forms before the forms are fully complete when he knew or ought to have known that this was false, contrary to MFDA Rule 2.1.1.

The settlement hearing is scheduled to take place on December 14, 2017, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held, in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario.

MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at

A copy of the Notice of Settlement Hearing is available on the MFDA website at During the period described in the Notice of Settlement Hearing, the Respondent carried on business in the Cornwall, Ontario area.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.

SOURCE Mutual Fund Dealers Association of Canada 


  1. Fraud happens everywhere. I seriously doubt this is a Cornwall “exclusive.”

  2. Hold on to your shorts and your seat Hugger and your wacky jules will give you a shock. I agree with you and so does hubby here. I hope that I didn’t cause you to have a heart attack. LOL LOL. We know the nephews and nieces of this man and I just told hubby about it. Hubby said that this is happening everywhere because of the economy and so much fraud nowadays. Are you ok Hugger.

  3. I’m fine. Just tired of all the bitchin’ and chewin’ going on about how a lot of issues are Cornwall exclusives. Wakey wakey people!!!!

  4. Hugger it is a good thing that you are not on council or as mayor. You phone would never stop ringing and you would have a heart attack for sure. Everywhere has its problems but Cornwall has been plagued with scandal for a mighty long time and people everywhere know about it. The clique is the cancer of the town and until the people of Cornwall kick them out the town will not recover.

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