A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada Thursday approved a settlement agreement with William Todd Gillick.

Gillick was registered as a mutual fund salesperson in Ontario and Saskatchewan with Investors Group Financial Services Inc. from July 4, 1994 to December 4, 2007.

A consequence of the settlement, Gillick:

• is prohibited from conducting securities related business in any capacity while in the employ of, or associated with, any MFDA member firm for a period of nine months;
• has paid a fine in the amount of $20,000;
• has paid costs in the amount of $2,500; and
• must successfully complete the IFSE (IFIC) Mutual Fund Dealer Compliance course by the end of the nine-month prohibition.

The hearing panel said will issue written reasons for its decision in due course.