CASE SUMMARY # 201605
December 7, 2016
MFDA Case Summary
Enforcement
This case summary was prepared by Staff of the MFDA.
Hearing Panel Imposes Penalties on Nathan Charles Garries
Nathan Charles Garries entered into a Settlement Agreement with MFDA Staff in which he
admitted that he processed over 300 authorized discretionary trades by determining the amount
and timing of the trades, as part of a dollar-cost averaging strategy in relation to 38 clients,
contrary to MFDA Rules 2.3.1 and 2.1.1. He also admitted that he failed to record and maintain
evidence of client trade instructions in respect of 340 transactions he processed pursuant to
Limited Trading Authorizations for 48 clients, contrary to MFDA Rules 2.1.1 and 5.1(b). He also
admitted that he obtained, possessed, and in some instances, used to process transactions, 54 presigned account forms. He also admitted that he falsified and used to process transactions, 14
client account forms, contrary to MFDA Rule 2.1.1.
The Hearing Panel accepted the Settlement Agreement and imposed the following penalties: a
one month prohibition; a fine of $25,000; and costs of $2,500.
NOTICE: This case summary has been prepared by Staff of the MFDA, based upon the previously published
Decision and Reasons of an MFDA Hearing Panel presiding over this matter. Every effort is made to ensure that this
case summary accurately reflects the content of the Decision and Reasons. However, where there is a discrepancy
between this case summary and the Decision and Reasons, the Decision and Reasons will prevail.
DM #514872