MFDA announces settlement hearing to take place in respect of William Thackray

MFDA announces settlement hearing to take place in respect of William Thackray

Canada NewsWire

TORONTO, April 28, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of William Andrew Castle Thackray (“Respondent”) by Notice of Hearing dated March 27, 2017 (“Notice of Hearing”).

As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing in this proceeding will take place on May 10, 2017, commencing at 10:00 a.m. (Pacific) or as soon thereafter as the matter can be heard, in the hearing room at the British Columbia Securities Commission, located at 1200-701 West Georgia Street, Vancouver, British Columbia.

The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA.

In particular, the settlement agreement concerns the allegation that between April and July 2014, the Respondent engaged in securities related business that was not carried on for the account or though the facilities of the Member by processing three (3) redemptions on behalf of two (2) former clients directly through the mutual fund companies, using trade documentation, the Respondent’s representative code and a signature guarantee stamp from his former mutual fund dealer, contrary to the Member’s policies and procedures and MFDA Rules 1.2.1, 2.5.1, 1.1.1, and 2.1.1.

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 www.mfda.ca.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Victoria, British Columbia 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

View original content: http://www.newswire.ca/en/releases/archive/April2017/28/c4631.html

MFDA announces disciplinary proceeding in respect of Claude Fox-Revett

MFDA announces disciplinary proceeding in respect of Claude Fox-Revett

Canada NewsWire

TORONTO, April 28, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Claude David Fox-Revett (“Respondent”). In its Notice of Hearing dated February 21, 2017, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:

Allegation #1: On or about November 13, 2013, the Respondent performed eight (8) trades in the accounts of clients RB and CO without the knowledge, instructions or approval of the clients, thereby engaging in discretionary trading, contrary to MFDA Rules 2.3.1 and 2.1.1.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on May 23, 2017 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Newmarket, 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

View original content: http://www.newswire.ca/en/releases/archive/April2017/28/c1564.html

MFDA Hearing Panel approves three settlement agreements

MFDA Hearing Panel approves three settlement agreements

Canada NewsWire

TORONTO, April 28, 2017 /CNW/ - On April 27, 2017, a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) heard the following three (3) proceedings, the particulars of which are:


Annaji Kumar

A settlement hearing in the matter of Annaji Kumar (“Kumar”) was held on April 27, 2017 at which the Hearing Panel approved the settlement agreement (the “Settlement Agreement”) between Staff of the MFDA and Kumar, as a consequence of which the following sanctions were imposed:

  • a prohibition from conducting securities related business in the employ of or associated with a Member of the MFDA for a period of 6 months;
  • costs in the amount of $1,500, the terms of which are as follows:
    • $900 payable upon entering into the Settlement Agreement
    • $600 on July 27, 2017;
  • Successfully complete the Branch Managers Course offered by either the Canadian Securities Institute or the Investment Funds Institute of Canada prior to being re-designated as a branch manager;
  • Shall in future comply with MFDA Rules 2.1.1 and 2.5.5(f).

In the Settlement Agreement, Kumar admitted that:

a)     

on or about June 19, 2015, he falsified a client signature on an account form, contrary to MFDA Rule 2.1.1;

b)     

between 2004 and June 2015, he falsified and used to process transactions, 2 account forms in respect of 2 clients, by altering information on the account forms without obtaining client initials authorizing the alterations, contrary to MFDA Rule 2.1.1;

c)     

Between 2004 and June 2015, he obtained, possessed, and used to process transactions, 2 pre-signed account forms in respect of 2 clients, contrary to MFDA Rule 2.1.1; and

d)    

Between October 2009 and June 2015, acting in his capacity as branch manager, he reviewed and approved the use of an account form containing a falsified client signature, a falsified account form, and a pre-signed account form, contrary to MFDA Rules 2.5.5(f) (prior to September 2013, his conduct violated MFDA Rule 2.5.5(d)) and 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Kumar carried on business in the Burlington, Ontario area.


Michael Nisbet

A settlement hearing in the matter of Michael Charles Nisbet (“Nisbet”) was held on April 27, 2017 at which the Hearing Panel approved the settlement agreement (the “Settlement Agreement”) between Staff of the MFDA and Nisbet, as a consequence of which the following sanctions were imposed:

  • a fine in the amount of $6,500;
  • costs in the amount of $2,500;
  • shall be prohibited from acting in the capacity of a branch manager for a period of 6 months; and
  • shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Nisbet admitted that:

a)     

between June 2011 and February 2015, he obtained, possessed, and used to process transactions, 3 pre-signed account forms, contrary to MFDA Rule 2.1.1.; and

b)     

between June 2011 and March 13, 2014, he did not review the information on 3 account forms with a client in respect of 3 transactions requested by the client, and then signed the account forms in his capacity as Approved Person, falsely attesting that he had reviewed the information on the account forms with the client, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Nisbet carried on business in the Sarnia, Ontario area.


Phillip Barker

A settlement hearing in the matter of Phillip Wayne Barker (“Barker”) was held on April 27, 2017 at which the Hearing Panel approved the settlement agreement (the “Settlement Agreement”) between Staff of the MFDA and Barker, as a consequence of which the following sanctions were imposed:

  • a fine in the amount of $8,500;
  • costs in the amount of $2,500; and
  • shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Barker admitted that between November 2012 and July 2015, he obtained, possessed and used to process transactions, 31 pre-signed account forms in respect of 12 clients, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Careless carried on business in the Toronto, 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

View original content: http://www.newswire.ca/en/releases/archive/April2017/28/c5248.html