TORONTO, Jan. 8, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Jon Robert Snelson ("Respondent"). In its Notice of Hearing dated November 22, 2017, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between October 9, 2014 and March 8, 2015, the Respondent failed to disclose to the Member that he had been appointed to the Board of Directors of a junior mining company, thereby engaging in an undisclosed and unapproved outside business activity, contrary to the Member's policies and procedures, and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3), 2.1.1, 2.5.1 and 1.1.2.
Allegation #2: Between August 19, 2015 and November 13, 2015, the Respondent recommended, sold and/or facilitated the sale of investments to at least 15 clients and 4 individuals totaling approximately $310,000 in debentures offered by a junior mining company, thereby engaging in securities related business which was not carried on for the account of the Member or conducted through its facilities, contrary to MFDA Rules 1.1.1, 2.1.4, and 2.1.1.
Allegation #3: Between August 19, 2015 and November 13, 2015, the Respondent engaged in an undisclosed and unapproved outside business activity by recommending, selling and/or facilitating the sale of investments to at least 15 clients and 4 individuals totaling approximately $310,000 in debentures offered by a junior mining company, contrary to the Member's policies and procedures and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3), 2.1.1, 2.5.1 and 1.1.2.
Allegation #4: Between March 11, 2015 and November 24, 2015, the Respondent misled the Member with respect to his involvement with the sale of debentures of a junior mining company and the remuneration he received in respect of these activities, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on February 15, 2018 at 10:30 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.
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 83,000 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, [email protected]