TORONTO , March 24, 2020 /CNW/ - A settlement hearing in the matter of Jeffrey Thomas Williams ("Respondent") was held on March 23, 2020 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated February 14, 2020 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of three months;
- a fine in the amount of $3,350 ;
- costs in the amount of $2,500 ; and
- shall in the future comply with MFDA Rules 1.1.1(a), 1.1.2, 2.1.1 and 2.5.1.
In the Settlement Agreement, the Respondent admitted that:
between January 2014 and June 2016, he obtained, possessed, and in some instances, used to process transactions, 12 pre-signed account forms in respect of nine clients, contrary to MFDA Rule 2.1.1;
between June 2009 and February 2017, he altered and used to process transactions, 18 account forms in respect of 14 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
between June 2009 and June 2012, he submitted five Letters of Direction directly to mutual fund companies to process transactions in the accounts of three clients without the knowledge or approval of the Member, contrary to the Member's policies and procedures and MFDA Rules 1.1.1(a), 1.1.2, 2.1.1 and 2.5.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Milton and Whitby, Ontario areas.
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 81,000 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
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