IN THE MATTER OF A DISCIPLINARY HEARING PURSUANT TO SECTIONS 20 AND 24 OF BY-LAW NO. 1 OF THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA
John Richard Wolfenden
NOTICE is hereby given that a first appearance will take place by teleconference before a hearing panel of the Central Regional Council (the “Hearing Panel”) of the Mutual Fund Dealers Association of Canada (the “MFDA”) in the hearing room at the MFDA offices, located at 121 King Street West, Suite 1000, Toronto, Ontario on August 25, 2015 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, concerning a disciplinary proceeding commenced by the MFDA against John Richard Wolfenden (the “Respondent”).
DATED: Jun 18, 2015
Director of Regional Councils
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9
NOTICE is further given that the MFDA alleges the following violations of the By-laws, Rules or Policies of the MFDA:
Allegation #1: Between June 2010 and October 2013, the Respondent borrowed $20,000 from client MP and $80,000 from client JM, thereby engaging in personal financial dealings with clients which gave rise to a conflict or potential conflict of interest between the Respondent and the clients that the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.1 and 2.1.4.
Allegation #2: The Respondent failed to report to the Member within two (2) business days or at all, client MP’s complaint received on May 15, 2013 regarding the Respondent’s failure to repay the monies he borrowed from client MP which constituted a complaint in respect of personal financial dealings with a client, contrary to MFDA Policy No. 6, subsection 4.1(b)(v).
Allegation #3: Between August 8, 2013 and September 17, 2013, the Respondent misled the Member with respect to his personal financial dealings with client MP and client JM, thereby interfering with the Member’s ability to conduct a reasonable supervisory investigation of the Respondent’s activities and failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.