TORONTO, June 1, 2012 /CNW/ - A disciplinary hearing in the matter of Jeffrey Murray Willis (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council.
At the commencement of the hearing, the parties filed an Agreed Statement of Facts in which the Respondent admitted that:
- From October 2008 to May 2009, he engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, referring or facilitating the sale of investments in four investment products that were not approved for sale by the Member to clients and other individuals, contrary to MFDA Rules 1.1.1(a) and 2.1.1; and
- From May 9, 2007 to July 29, 2008, he engaged in personal financial dealings with client NF by remaining indebted NF in the amount of $150,000 and re-financing his indebtedness to NF during this period, thereby creating a conflict of interest between his interests and NF's interests which he failed to ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client, NF, contrary to MFDA Rule 2.1.4; and the Member's Policies and Procedures, thereby interfering with Member's ability to Supervise the Respondent, contrary to MFDA Rules1.1.2 and 2.5.1.
The Hearing Panel imposed the following sanctions and costs at the conclusion of the hearing 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 while in the employ of, or associated with, any MFDA Member;
- a fine of $35,000; and
- costs of $2,500.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 122 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
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