TORONTO, Dec. 21, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Jeffrey Gordon Cox (the "Respondent") by Notice of Hearing dated June 17, 2015 (the "Notice of Hearing").
A disciplinary hearing in this matter was held on December 17, 2015 in Winnipeg, Manitoba before a three-person Hearing Panel of the MFDA's Prairie Regional Council. After hearing the evidence and submissions from Staff of the MFDA, the Hearing Panel found that the following allegation concerning the Respondent had been established:
Allegation #1: Between October 1, 2012 and August 6, 2013, the Respondent misappropriated at least $274,600 from at least 11 clients and 23 individuals, thereby failing to deal honestly and in good faith with the clients, and engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1.
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 Respondent's authority 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 $240,000; and
- costs in the amount of $10,000.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 101 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