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
Larry Leslie Williams
NOTICE is hereby given that a first appearance will take place by teleconference before a hearing panel of the Pacific Regional Council (“Hearing Panel”) of the Mutual Fund Dealers Association of Canada (“MFDA”) in the hearing room at the MFDA offices, located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia on October 11, 2017 at 10:30 a.m. (Pacific), or as soon thereafter as the hearing can be held, concerning a disciplinary proceeding commenced by the MFDA against Larry Leslie Williams (“Respondent”).
DATED: Aug 16, 2017
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 March 6, 2015 and August 5, 2015, the Respondent conducted securities related business that was not carried on for the account of the Member or processed through the facilities of the Member by organizing and participating in an investment club with clients of the Member, contrary to MFDA Rules 1.1.1, 1.1.2, 2.5.1 and 2.1.1, and the policies and procedures of the Member.
Allegation #2: Between March 6, 2015 and August 5, 2015, the Respondent conducted securities related business that exceeded the limits of his registration contrary to the Securities Act (British Columbia), thereby engaging the jurisdiction of the Regional Council to impose penalties pursuant to section 24.1.1(h) of MFDA By-law No. 1 and the standard of conduct set out in MFDA Rule 2.1.1.
Allegation #3: Between March 6, 2015 and August 5, 2015, the Respondent co-mingled his money with clients’ money in an investment account opened off the books and records of the Member, thereby giving rise to a conflict of interest which 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 2.1.4 and 2.1.1.