Subject: LAW
MFDA announces settlement hearing to take place in respect of Jeffrey Williams
TORONTO, Feb. 25, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Jeffrey Thomas Williams ("Respondent") by Notice of Hearing dated August 7, 2019.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will proceed on March 6, 2020, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard, in the hearing room at the offices of the MFDA, 121 King Street West, Suite 1000, Toronto, Ontario.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent 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) | between January 2014 and June 2016, obtained, possessed, and in some instances, used to process transactions, 12 pre-signed account forms in respect of nine clients, contrary to MFDA Rule 2.1.1; |
b) | between June 2009 and February 2017, altered and used to process transactions, 18 account forms in respect of 14 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and; and |
c) | between June 2009 and June 2012, submitted five Letters of Direction directly to mutual fund companies to process transactions in the accounts of three clients without the knowledge or approval of the Member, contrary to the Member's policies and procedures and MFDA Rules 1.1.1(a), 1.1.2, 2.1.1 and 2.5.1. |
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 conducted business in the Milton and Whitby, 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 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
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