TORONTO, March 11, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Christopher Raymond Phillips (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated October 6, 2014.
The hearing of this matter on its merits was held yesterday in Saint John, New Brunswick before a three-member Hearing Panel of the MFDA's Atlantic Regional Council. After hearing submissions from Staff of the MFDA, the Hearing Panel found that the allegation concerning the Respondent set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following finding of misconduct:
Allegation #1: Commencing in August 2013, the Respondent has failed or refused to attend for an interview requested by MFDA Staff for the purpose of investigating the Respondent's conduct, contrary to s. 22.1 of MFDA By-law No. 1
The Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons for its decision in due course:
- a permanent prohibition on the authority of the Respondent to conduct securities related business in any capacity while in the employ of, or associated with, any MFDA Member;
- a fine in the amount of $75,000; and
- costs in the amount of $7,500.
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 carried on business in the Nackawic, New Brunswick area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 107 Members and their approximately 80,000 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]