Subject: LAW
MFDA announces settlement hearing to take place in respect of Lee McIvor
TORONTO, Sept. 17, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Lee Scott McIvor ("Respondent") by Notice of Hearing dated February 9, 2018.
An appearance in this proceeding took place today by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council.
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 November 19, 2018, commencing at 10:30 a.m. (Central), or as soon thereafter as the matter can be heard, in the hearing room at the Manitoba Securities Commission, located at 400 St Mary Avenue, Winnipeg, Manitoba.
The subject matter of the proposed settlement agreement concerns matters for which he 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) | in June 2015, he, or his assistant for whom he was responsible, cut and pasted a client signature from an account form that had been previously signed by a client onto a new account form and submitted the form for processing, contrary to MFDA Rule 2.1.1; |
b) | between March 2013 and March 2014, falsified and used to process transactions, two account forms in respect of two clients, by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and |
c) | between March 2007 and March 2016, he, or his assistant for whom he was responsible, obtained, possessed, and, in some instances, used to process transactions, 92 pre-signed account forms in respect of 35 clients, contrary to MFDA Rule 2.1.1. |
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
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 Thompson, Manitoba area and the Kelowna, 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 82,000 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
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