February 2, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Graham Allan Coltart (“Respondent”). In its Notice of Hearing dated January 24, 2018, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between June 2011 and September 2016, the Respondent falsified, and used to process transactions, twelve account forms in respect of eight clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
Allegation #2: Between May 2011 and September 2016, the Respondent obtained, possessed, and in some instances, used to process transactions, 41 pre-signed account forms in respect of eleven clients, contrary to MFDA Rule 2.1.1.
Allegation #3: In or about April 2016, the Respondent, without the prior approval of the Member, directly reimbursed a client for deferred sales charge fees that the client incurred, thereby engaging in personal financial dealings with a client, contrary to the Member’s policies and procedures and MFDA Rules 1.1.2, 2.5.1, 2.1.4, 2.1.1, and MFDA Policy No. 3.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on March 29, 2018 at 9:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.
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.