MFDA Hearing Panel makes finding of misconduct against Jewel Henricks
TORONTO, Jan. 25, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Jewel Henricks ("Respondent") by Notice of Hearing dated July 6, 2020.
The hearing of this matter on its merits was held on January 21-22, 2021 by electronic hearing in Vancouver, British Columbia before a three-member Hearing Panel of the MFDA's Pacific Regional Council. After hearing submissions from Staff of the MFDA with respect to misconduct, the Hearing Panel found that the four allegations set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct:
Allegation #1: In June 2017, the Respondent accepted a $5,000 cheque from a client to place in a "gifting program", which the Respondent deposited into her personal bank account, thereby engaging in personal financial dealing with a client that gave rise to a conflict of interest that the Respondent did not disclose to the Member or address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the Member's policies and procedures and MFDA Rules 2.1.4, 2.1.1, 1.1.2, and 2.5.1.
Allegation #2: On or around July 7, 2017, the Respondent deposited proceeds of redemptions from the account of a client at the Member totaling $3,508.82 into her personal bank account, thereby engaging in personal financial dealings with a client which gave rise to a conflict of interest that she did not disclose to the Member or address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the Member's policies and procedures and MFDA Rules 2.1.4, 2.1.1, 1.1.2, and 2.5.1.
Allegation #3: Between February 2016 and February 2018, the Respondent falsely recorded the home address of two clients using her own business address on three client account application forms and falsely recorded the email addresses of three clients using her own personal email address on five client account application forms, contrary to the Member's policies and procedures and MFDA Rules 2.1.1, 1.1.2, and 2.5.1.
Allegation #4 Commencing on or about September 21, 2018, the Respondent failed to cooperate with MFDA Staff's investigation into her conduct, contrary to section 22.1 of MFDA By-law No. 1.
The Hearing Panel advised that it will issue written reasons for its decision as to misconduct in due course. Submissions with respect to sanctions will take place by electronic hearing on May 7, 2021 at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be heard. Members of the public who would like to participate 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 Prince George, British Columbia 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.
SOURCE Mutual Fund Dealers Association of Canada
Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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