MFDA announces settlement hearing to take place in respect of Jonathan MacPherson
TORONTO, Jan. 17, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Jonathan Robert MacPherson (the "Respondent") by Notice of Hearing dated April 5, 2016 (the 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 January 24, 2017, commencing at 10:00 a.m. (Mountain) or as soon thereafter as the matter can be heard, in the hearing room at the Westin Calgary hotel, located at 320 4 Ave SW, Calgary, Alberta.
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 allegations that the Respondent:
| a) |
between March 24, 2011 and October 10, 2013, falsified: |
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| i. |
The signatures of clients KM and MM on five documents, which were used to process the authorized transfer of spousal RSP and RESP investments to the Member; |
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| ii. |
client JT's signature on three LIRA account documents; |
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| iii. |
client NC and AD's initials on an investment loan application; |
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| iv. |
the March 24, 2011 note entry in client KM and MM's client file; and |
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| v. |
the October 10, 2013 note entry in client JT's client file, |
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| all of which, was contrary to MFDA Rule 2.1.1; |
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| b) |
between March 24, 2011 and February 12, 2014, failed to advise clients KM, MM, NC and AD that they might be required to pay a deferred sales charge on the subsequent sale of certain fund units, and the fee schedule that would apply to the deferred sales charge, thereby failing to deal fairly, honestly and in good faith with his clients, contrary to MFDA Rule 2.1.1. |
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| c) |
between December 19, 2013 and December 31, 2013, engaged in unauthorized discretionary trading in the account of clients NC and AD, contrary to MFDA Rules 2.3.1 and 2.1.1; and |
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| d) |
between December 12, 2013 and February 12, 2014, obtained, possessed and/or used at least two pre-signed client account forms, contrary to MFDA Rule 2.1.1. |
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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 Calgary, Alberta 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
Charles Toth, Director, Litigation, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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