MFDA Hearing Panel issues Reasons for Decision in the matter of James Edward Curtis
TORONTO, Dec. 8, 2017 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on November 15, 2017 in the matter of James Edward Curtis ("Respondent").
In its Reasons for Decision dated December 7, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent, namely, a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member.
In the Settlement Agreement dated October 11, 2017, the Respondent admitted that:
| a) |
between about January and April 2014, he failed to follow a series of compliance directives from the Member requiring the Respondent to reassess the suitability of his recommendations to clients to hold 100% of their investments in a single precious metal sector fund and, where appropriate, make recommendations to reduce the clients' concentration in the fund, contrary to MFDA Rules 2.2.1 and 2.1.1.; and |
| b) |
between about January and April 2014, he arranged for at least 75 clients to complete updated Know-Your-Client forms which increased the clients' risk tolerance, in order to ensure that the clients' Know-Your-Client information matched his recommendations to hold 100% of their investments in a single precious metal sector fund, contrary to MFDA Rules 2.2.1 and 2.1.1. |
Copies of the Reasons for Decision and Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Kitchener-Waterloo, 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
Charles Toth, Director, Litigation, 416-943-4619, [email protected]
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