Le Lézard
Classified in: Business
Subject: LAW

MFDA Hearing Panel makes findings against John Elwood


TORONTO, Dec. 9, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of John David Elwood ("Respondent") by Notice of Hearing dated June 7, 2019.

The misconduct phase of this disciplinary proceeding was held October 24-25, 2019 and December 4, 2019 in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel has found that the three allegations concerning the Respondent set out in the Notice of Hearing have been established. In particular, the Hearing Panel has made the following findings of misconduct against the Respondent:

Allegation #1: Between September 2012 and April 2017, the Respondent borrowed $16,000 from a client thereby engaging in personal financial dealings with the client that gave rise to an actual or potential conflict of interest that the Respondent failed to disclose to the Member or to the client in writing and failed to otherwise 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, 2.5.1, 1.1.2, and 2.1.1.

Allegation #2: Between September 2013 and January 2017, the Respondent misled the Member by providing false responses to Member questionnaires, thereby interfering with the Member's ability to supervise the Respondent, contrary to MFDA Rules 2.1.1, 2.5.1 and 1.1.2.

Allegation #3: Between about February 2016 and April 2017, the Respondent failed to report that he had been named a defendant in a civil claim related to borrowing money from a client, contrary to MFDA Rules 1.4(b) and 2.1.1 and section 4 of MFDA Policy No. 6.

The Hearing Panel advised that it will issue written reasons for its decision as to misconduct in due course. Submissions with respect to penalty will take place on a date to be determined and announced accordingly.

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 from a branch office located in the Toronto 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


These press releases may also interest you

at 14:30
Transaction in Own Shares 28 March, 2024 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Shell plc (the ?Company') announces that on 28 March 2024 it purchased the following number of Shares for cancellation. Aggregated information on Shares purchased according...

at 14:30
Southwest Airlines Co.  announces the acquisition of SAFFiRE Renewables, LLC (SAFFiRE) as part of the investment portfolio of its wholly owned subsidiary Southwest Airlines Renewable Ventures, LLC (SARV). SARV is dedicated to creating more...

at 14:28
Nuventive, the data-informed improvement companytm, today announced a partnership with D2L, a global learning technology company, to simplify student outcomes analysis and advancement. By linking reports from the D2L Brightspace learning management...

at 14:25
Regulatory News: POXEL SA (Euronext: POXEL - FR0012432516), a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and...

at 14:20
Koryx Copper Inc. ("Koryx" or the "Company") announces that the Company has closed a non-brokered private placement (the "Offering") for a total gross proceed of $1,505,250. The Offering closed 23,157,692 units of the Company (each, a "Unit") at...

at 14:20
Mishe (say "mish-e"), an innovator in direct healthcare, announces the launch of Downstate's Transparent Access Plan, making SUNY Downstate Health Sciences University the first hospital system in the US to offer transparent upfront pricing for its...



News published on and distributed by: