Order

WHEREAS on December 11, 2019, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to section 24.4 of By-law No. 1 in respect of Mitchell Robert Sumka (the “Respondent”);

AND WHEREAS on November 24, 2020, the Hearing Panel conducted a hearing on the merits of this matter (“Hearing”);

AND WHEREAS the Hearing Panel considered the evidence and submissions presented by Staff of the MFDA at the Hearing;

AND WHEREAS the Hearing Panel finds that:

1. Between August 2015 and March 2018, the Respondent misappropriated approximately $659,232 from two mutual fund clients and 12 other individuals, thereby failing to deal fairly, honestly and in good faith with the clients, failing to observe high standards of ethics and conduct in the transaction of business, engaging in business conduct which is unbecoming and detrimental to the public interest, and failing to be of such character and business repute as is consistent with the standard of conduct, contrary to MFDA Rule 2.1.1; and
2. Commencing in September 2018, the Respondent failed to cooperate with an investigation by MFDA Staff into his conduct, contrary to section 22.1 of MFDA By-Law No. 1.

IT IS HEREBY ORDERED THAT:

1. The Respondent shall be permanently prohibited from conducting securities related business in any capacity while in the employ or associated with an MFDA Member, pursuant to section 24.1.1(e) of MFDA By-law No. 1;
2. 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.