File No. 201920
IN THE MATTER OF A DISCIPLINARY HEARINGPURSUANT TO SECTIONS 20 AND 24 OF BY-LAW NO. 1 OFTHE MUTUAL FUND DEALERS ASSOCIATION OF CANADA
Re: Glen Lawrence Gomes
(ARISING FROM DECISION (PENALTY) AND REASONS OF FEBRUARY 4, 2020)
WHEREAS on March 4, 2019, 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 Glen Lawrence Gomes (the “Respondent”);
AND WHEREAS the Respondent prepared and delivered a Reply to the Notice of Hearing on May 6, 2019;
AND WHEREAS the first appearance in this hearing was held before a hearing panel of the Central Regional Council of the MFDA (the “Hearing Panel”) on May 14, 2019;
AND WHEREAS the Respondent and MFDA Staff entered into an agreed statement of facts dated October 24, 2019 (the “Agreed Statement of Facts”), in which the Respondent admitted to facts that constitute misconduct for which the Respondent may be penalized on the exercise of the discretion of a hearing panel pursuant to s. 24.1 of MFDA By-law No. 1;
AND WHEREAS on October 29, 2019 the Hearing Panel conducted a hearing on the merits (“Hearing on the Merits”), during which Staff of the MFDA and the Respondent presented the Agreed Statement of Facts to the Hearing Panel and made submissions with respect to the appropriate penalty to be imposed on the Respondent;
AND WHEREAS on the basis of the evidence and submissions presented during the Hearing on the Merits, the Hearing Panel found that the Respondent:
- between October 2013 and May 2014, engaged in securities related business that was not carried on for the account of the Member and through its facilities by facilitating the sale of mortgage investments products to three clients totaling approximately $434,700, contrary to the Member’s policies and procedures and MFDA Rules 1.1.1, 2.1.1, 2.5.1 and 1.1.2;
- between January 13, 2013 and March 31, 2017, obtained and possessed four pre-signed account forms in respect of three clients, contrary to MFDA Rule 2.1.1; and
- on October 21, 2010, altered two account forms in respect of a client without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
IT IS HEREBY ORDERED THAT:
- From the date of this Order, the Respondent shall be permanently prohibited from conducting securities related business in any capacity while in the employ of or associated 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 $50,000, pursuant to section 24.1.1(b) of By-law No. 1;
- The Respondent shall pay costs in the amount of $9,462.50 pursuant to section 24.2 of By-law No. 1; and
DATED: Feb 4, 2020
"John Lorn McDougall"
John Lorn McDougall
"Brigitte J. Geisler"
Brigitte J. Geisler