MFDA Order

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File No. 202130

IN THE MATTER OF A SETTLEMENT HEARING
PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF
THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA

Re: James Edgar Mitchell Wilson

Order

ARISING FROM THE SETTLEMENT HEARING ON SEPTEMBER 10, 2021

WHEREAS on July 5, 2021, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Settlement Hearing pursuant to section 24.4 of By-law No. 1 in respect of James Edgar Mitchell Wilson (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated July 2, 2021 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law No. 1;

AND WHEREAS the Hearing Panel is of the opinion:

  1. Between September 2009 and November 2018, the Respondent obtained, possessed, and in some instances, used to process transactions, 80 pre-signed account forms in respect of 51 clients, contrary to MFDA Rule 2.1.1;
  2. Between January 2013 and April 2018, the Respondent altered and used to process transactions, 15 account forms in respect of 14 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
  3. In June 2015, the Respondent photocopied the signature page from an account form that had been previously signed by a client and re-used the signature page to complete one additional form in respect of the client, contrary to MFDA Rule 2.1.1.

IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:

  1. The Respondent shall pay a fine in the amount of $30,000, pursuant to section 24.1.1(b) of By-law No. 1;
  2. The Respondent shall pay costs in the amount of $2,500, pursuant to section 24.2 of By-law No. 1;
  3. The Respondent shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an industry course acceptable to Staff of the MFDA, within 3 months of the acceptance of the Settlement Agreement, pursuant to section 24.1.1(f) of By-law No. 1;
  4. The Respondent shall in the future comply with MFDA Rule 2.1.1; and
  5. 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;

DATED: Sep 10, 2021

"Richard Yaffe"

Richard Yaffe

Chair


"Diane Jaspers"

Diane Jaspers

Industry Representative


"Greg Wiebe"

Greg Wiebe

Industry Representative


842021