MFDA announces settlement hearing to take place in respect of Jason Savoy

a)     

in or around December 2013, agreed to personally reimburse a client the deferred sales charge fees the client would incur on a transaction, without the knowledge and approval of the Member, and then reneged on the agreement, contrary to MFDA Rules 2.1.4 and 2.1.1, and MFDA Policy No. 3;

b)     

between 2009 and 2014, obtained and possessed ten (10) pre-signed client account forms in respect of seven (7) clients, contrary to the Member's policies and procedures and MFDA Rules 1.1.2, 2.5.1, and 2.1.1;

c)     

between April 2007 and October 2013, accepted cash deposits from six (6) clients on 11 occasions, and used the cash deposits to purchase bank drafts to invest in mutual funds on the clients' behalf, contrary to the Member's policies and procedures and MFDA Rules 1.1.2, 2.5.1, and 2.1.1;

d)    

between October 2009 and August 2014, delayed the processing of 20 transactions in the accounts of ten (10) clients, thereby failing to process trades in client accounts in a timely manner and consistent with, subsections 9.1 and 10.2 of the National Instrument 81-102, contrary to MFDA Rule 2.1.1;

e)     

between September 2012 and 2014, compensated six (6) clients for fees incurred by the client as a result of investment losses due to errors or trade delays, without the Member's prior consent, contrary to the Member's policies and procedures and MFDA Rules 1.1.2, 2.5.1, and 2.1.1, and MFDA Policy No. 3;

f)      

between 2004 and 2013, had and continued in a dual occupation by providing tax preparation services to 14 clients, which was not disclosed to and approved by the Member, contrary to the Member's policies and procedures and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3), 1.1.2, 2.5.1, and 2.1.1;

g)      

between July 2014 and November 2014, made misleading statements during the Member's investigation into his conduct, thereby interfering with the ability of the Member to supervise his conduct, contrary to MFDA Rule 2.1.1;

h)       

between 2007 and 2013, misled the Member in annual compliance questionnaires when he falsely represented to the Member that he:

i.

did not arrange for and maintain pre-signed forms;

ii. 

did not enter into financial settlements with clients that had not been approved by the Member; and

iii. 

had disclosed and sought approval for outside business activities,

thereby interfering with the ability of the Member to supervise his conduct, contrary to MFDA Rule 2.1.1; and

i)       

in January 2013 and December 2015, failed to process transactions requested by two (2) clients on two (2) occasions, contrary to MFDA Rule 2.1.1.