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MFDA announces settlement hearing to take place in respect of Jeffrey Dunlop

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MFDA announces settlement hearing to take place in respect of Jeffrey Dunlop

Canada NewsWire

TORONTO, Sept. 4, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Jeffrey Dunlop ("Respondent") by Notice of Hearing dated January 19, 2018.

As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing in this matter will take place on September 4, 2018, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard, in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario.

The subject matter of the proposed settlement agreement concerns matters for which he 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 allegations that the Respondent:

a)  

on July 29, 2015, opened a new account using Know-Your-Client information that had previously been provided by client MC in April 2015, and processed two trades totalling approximately $468,423 in the accounts of client MC without the knowledge or authorization of client MC, thereby engaging in discretionary trading, contrary to MFDA Rules 1.1.2, 2.5.1, 2.3.1(b) and 2.1.1;



b)  

between about September 11, 2015 and October 22, 2015, failed to report a complaint from client MC regarding two unauthorized trades to the Member, contrary to MFDA Rules 1.4(b) and 2.1.1, and section 4 of MFDA Policy No. 6; and



c)  

between about September 21, 2015 and October 3, 2015, represented to client MC that steps were being taken by the Member to have the trades reversed in response to his complaint, when such steps were not underway, contrary to MFDA Rule 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 conducted business in Etobicoke, Ontario.

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 82,000 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/September2018/04/c5139.html

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