Order

WHEREAS on July 4, 2017, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of MFDA By-law No. 1 in respect of a disciplinary proceeding commenced against Frank Harrison Dew (“Respondent”);

AND WHEREAS the first appearance in this hearing was held by teleconference before a hearing panel of the Atlantic Regional Council of the MFDA (“Hearing Panel”) on August 10, 2017 (“First Appearance”);

AND WHEREAS counsel for Staff of the MFDA and counsel for the Respondent attended the First Appearance and made submissions with respect to scheduling and other procedural matters;

AND WHEREAS on April 19, 2018, the Hearing Panel conducted a hearing of the matters as described in the Notice of Hearing;

AND WHEREAS in the opinion of the Hearing Panel, the Respondent engaged in the following conduct:

1. between January 16, 2012 and June 24, 2015, he misappropriated $37,000 received from two clients, thereby failing to deal fairly, honestly and in good faith with clients and engaging in conduct unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1;
2. commencing on September 24, 2015, he failed to co-operate with an investigation into his activities conducted by Staff of the MFDA, contrary to section 22.1 of MFDA By-law No. 1 and MFDA Rule 2.1.1.

IT IS HEREBY ORDERED THAT:

1. the Respondent’s authority to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member shall be prohibited permanently, pursuant to section 24.1.1(e) of MFDA By-law No. 1;

2. the Respondent shall pay a fine in the amount of $124,000, pursuant to section 24.1.1(b) of MFDA By-law No. 1;

3. the Respondent shall pay costs in the amount of $5,000, attributable to conducting the investigation and hearing of this matter, pursuant to section 24.2 of MFDA By-law No. 1;

4. if at any time a non-party to this proceeding, with the exception of the bodies set out in section 23 of MFDA By-law No. 1, requests production of or access to exhibits in this proceeding that contain personal information as defined by the MFDA Privacy Policy, then the MFDA Corporate Secretary shall not provide copies of or access to the requested exhibits to the non-party without first redacting from them any and all personal information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure.