TORONTO, Jan. 21 /CNW/ - A disciplinary hearing in the matter of
Christopher Philip Jones (the "Respondent") was held today in Toronto,
Ontario before a three-person Hearing Panel of the MFDA's Central
Regional Council. After hearing submissions from Staff of the MFDA, the Hearing Panel
found that the following allegations in the Notice of Hearing had been
Allegation #1: Between February 26, 2003 and March 18, 2008, the Respondent engaged in
personal financial dealings with client AS by borrowing a total of
$13,000 from AS which the Respondent failed to repay in full or
otherwise account for, contrary to MFDA Rules 2.1.4 and 2.1.1.
Allegation #2: Commencing September 2008, the Respondent failed to cooperate with an
MFDA investigation by failing to comply with a request by MFDA Staff
that he provide a written statement concerning the matters under
investigation, contrary to section 22 of MFDA By-law No. 1.
The Hearing Panel made the following orders at the conclusion of the
hearing and advised that it would issue written reasons for its
decision in due course:
The Respondent is permanently prohibited from conducting securities
related business in any capacity while in the employ of or associated
with any Member of the MFDA;
The Respondent shall pay a fine of $21,4000 in respect of Allegation #1;
The Respondent shall pay a fine of $50,000 in respect of Allegation #2;
The Respondent shall pay costs to the MFDA in the amount of $5,000.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business
conduct of its 136 Members and their approximately 75,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
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