WHEREAS on July 28, 2016, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of By-law No. 1 in respect of a disciplinary proceeding commenced against Jason Perry Boldt (the “Respondent”);
AND WHEREAS on January 10, 2017 the Hearing Panel conducted a hearing of the matters as described in the Notice of Hearing;
AND WHEREAS the Respondent and MFDA Staff entered into an Agreed Statement of Facts dated January 6, 2017;
AND WHEREAS an agent on behalf of the Respondent read into the record a statement prepared by the Respondent;
AND WHEREAS in the opinion of the Hearing Panel:
- between May 2011 and February 2013, the Respondent engaged in personal financial dealings with clients JH and HH; client SP; clients CS and JS; client TK; and clients HP and PP when he arranged for the clients to loan at least $1,330,000 to a non-arm’s length corporation, thereby giving rise to a conflict or potential 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, 1.1.2, 2.5.1, and 2.1.1;
- between May 2011 and October 2014, the Respondent was a director, shareholder and/or principal of three corporations which was not disclosed to, and approved by, the Member, contrary to MFDA Rules 1.2.1(c) (formerly MFDA Rule 1.2.1(d)), 1.1.2, 2.5.1, and 2.1.1; and
- commencing in January 2015, the Respondent failed to cooperate with an investigation conducted by Staff of the MFDA, contrary to section 22.1 of MFDA By-law No. 1.
IT IS HEREBY ORDERED THAT:
- The Respondent is permanently prohibited from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA Member, pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
- The Respondent shall pay a fine in the amount of $950,000 pursuant to s. 24.1.1(b) of MFDA By-law No. 1; and
- The Respondent shall pay costs in the amount of $7,500 pursuant to s. 24.2 of MFDA By-law No. 1.
Shelley L. MillerShelley L. MillerChair
Nada IsraeliNada IsraeliIndustry Representative
Richard SydenhamRichard SydenhamIndustry Representative