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Order
File No. 201330






IN THE MATTER OF A SETTLEMENT HEARING
PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF
THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA


Re: Lloyd A. Snyder



ORDER



WHEREAS on November 18, 2013, the Mutual Fund Dealers Association of Canada
(the “MFDA”) issued a Notice of Hearing pursuant to section 24 of By-law No. 1 in respect of
Lloyd A. Snyder (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the
MFDA (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement
of matters for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law
No. 1;

AND WHEREAS the Hearing Panel is of the opinion that:

(a) between 2005 and 2007, the Respondent failed to fully and adequately explain the
risks, benefits, material assumptions, features and costs of the leveraged investment
recommendations that he implemented in the accounts of at least 15 clients, thereby
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failing to ensure that the leveraged investment recommendations were suitable and
appropriate for the clients and in keeping with their investment objectives, contrary to
MFDA Rules 2.2.1 and 2.1.1; and

(b) between 2005 and 2007, the Respondent failed to ensure that the leveraged
investment recommendations that he implemented in the accounts of at least 15
clients were suitable and appropriate for the clients and in keeping with their
investment objectives, having regard to the clients’ relevant “Know Your Client”
factors including, but not limited to, the clients’ ability to afford the costs associated
with the investment loans, their ability to withstand investment losses, and their risk
tolerance, contrary to MFDA Rules 2.2.1 and 2.1.1.

IT IS HEREBY ORDERED THAT:

1.
The Respondent shall, for a period of ten (10) years, be prohibited from conducting
securities related business while in the employ of or associated with any MFDA Member,
pursuant to s. 24.1.1(e) of MFDA By-law No. 1;

2.
The Respondent shall pay a fine in the amount of $50,000 pursuant to s. 24.1.1(b) of
MFDA By-law No. 1, payable as follows:

(a) the Respondent shall pay $10,000 immediately; and
(b) the Respondent shall pay five (5) installments of $8,000 every two (2) months
commencing December 9, 2014;

3.
The Respondent shall pay costs in the amount of $50,000 pursuant to s. 24.2 of MFDA
By-law No. 1 immediately;

4.
If the Respondent fails to comply with paragraphs 2 or 3, then without further notice to
the Respondent, the Respondent shall summarily be permanently prohibited from conducting
securities related business in any capacity while in the employ of or associated with any MFDA
Member, pursuant to s. 24.1.1(e) of MFDA By-law No. 1.
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5.
The Respondent shall in the future comply with MFDA Rules 2.2.1 and 2.1.1.

DATED this 9th day of December, 2014.

“Thomas J. Lockwood”
Thomas J. Lockwood

Chair

“Jason P. Downey”
Jason P. Downey

Industry Representative

“Robert G. Malcolm”
Robert G. Malcolm

Industry Representative

DM 405845 v2

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