TORONTO, Dec. 8, 2017 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision (Misconduct) in connection with a disciplinary hearing held in Toronto, Ontario on October 30, 2017 in the matter of Mervin Evans Visneskie ("Respondent").
In its Reasons for Decision (Misconduct) dated December 7, 2017, the Hearing Panel outlines its reasons for the findings of misconduct made against the Respondent. In particular, the following findings of misconduct were established:
Allegation #1: Commencing in 2002, the Respondent engaged in personal financial dealings with eight (8) clients by requesting and accepting a total of approximately $764,300 from the clients, which he failed to repay in full or otherwise account for, thereby placing his own interests ahead of the clients' interests and creating a conflict or potential conflict of interest which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.4 and Rule 2.1.1.
Allegation #2: Between 2002 and 2013, the Respondent misled the Members with whom he was registered with respect to his personal financial dealings with eight (8) clients, thereby interfering with the Member's ability to conduct a reasonable supervisory investigation of the Respondent's activities and failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
Submissions with respect to penalty will take place on a date to be determined and announced accordingly.
A copy of the Reasons for Decision (Misconduct) is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision (Misconduct), the Respondent conducted business in the Kinburn, 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 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]