MFDA announces disciplinary proceeding in respect of Dean Jenkins
TORONTO, Jan. 29, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Dean Martin Jenkins ("Respondent"). In its Notice of Hearing dated January 15, 2020 ("Notice of Hearing"), 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: In 2016, the Respondent recommended, sold or facilitated the sale of syndicated mortgages totaling approximately $1,079,350 to 11 clients and five other investors outside the Member, thereby engaging in securities related business that was not carried on for the account of the Member and through its facilities, contrary to the Member's policies and procedures, and MFDA Rules 1.1.1, 2.1.1, 1.1.2, or 2.5.1.
Allegation #2: In 2016, the Respondent engaged in outside activities relating to the sale of syndicated mortgages totaling approximately $1,079,350 to 11 clients and five other investors that were not disclosed to and approved by the Member, contrary to the Member's policies and procedures, and MFDA Rules 1.3.2 (formerly Rule 1.2.1(c))1, 2.1.1, 1.1.2, or 2.5.1.
Allegation #3: In 2016, the Respondent made referrals in respect of the sale of syndicated mortgages totaling approximately $1,079,350 to 11 clients and five other investors outside the Member, thereby participating in a referral arrangement that was not approved by the Member and to which the Member was not a party, contrary to the Member's policies and procedures, and MFDA Rules 2.4.2, 2.1.1, 1.1.2, or 2.5.1.
Allegation #4: The Respondent misled the Member and MFDA Staff during the course of an investigation into his conduct when he:
a) |
on or about December 20, 2017, provided a misleading written statement to the Member regarding the compensation he received for the sale or referral of syndicated mortgages; and |
b) |
on January 11, 2018, in response to a request for information from MFDA Staff, provided another misleading written statement to the Member regarding the compensation he received for the sale or referral of syndicated mortgages; |
thereby engaging in conduct which is unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #5: Between February 2016 and February 2017, the Respondent obtained, possessed and, in some instances, used to process transactions, 70 pre-signed account forms in respect of 45 clients, contrary to MFDA Rule 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 March 31, 2020 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, 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. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.
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 St. Catharines, 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 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.
1 |
Effective March 17, 2016, former MFDA Rule 1.2.1(c) was amended and renumbered as MFDA Rule 1.3.2 |
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SOURCE Mutual Fund Dealers Association of Canada
Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]
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