IN THE MATTER OF A DISCIPLINARY HEARING
PURSUANT TO SECTIONS 20 AND 24 OF BY-LAW NO. 1 OF
THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA
Re: Christine Claudette Levesque
WHEREAS on March 25, 2021, 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 Christine Claudette Levesque (the “Respondent”);
AND WHEREAS on May 25, 2021, the first appearance in this proceeding was held by videoconference before one public representative of a Regional Council (the “Chair”) acting on behalf of a hearing panel of the Central Regional Council of the MFDA (the “Hearing Panel”), pursuant to s. 19.13 of MFDA By-Law No. 1;
AND WHEREAS at the first appearance on May 25, 2021, no one appeared on behalf of the Respondent, and the hearing on the merits (the “Hearing”) was scheduled for December 7-8, 2021;
AND WHEREAS on August 19, 2021, the Hearing was rescheduled for January 26-27, 2022;
AND WHEREAS on January 25, 2022, an interim appearance in this proceeding was held before the Hearing Panel, and the Hearing that was scheduled to commence on January 26, 2022 was adjourned and an interim appearance was scheduled to take place on February 3, 2022;
AND WHEREAS the February 3, 2022 interim appearance was rescheduled to February 15, 2022;
AND WHEREAS at the February 15, 2002 interim appearance, the Hearing Panel ordered that the Hearing take place by videoconference on June 3 and 6, 2022, commencing at 10:00 a.m. (Eastern) each day;
AND WHEREAS the Hearing proceeded as scheduled before the Hearing Panel on June 3, 2022, at which time MFDA Staff attended to present evidence and submissions but no one appeared on behalf of the Respondent;
AND WHEREAS at the Hearing, the Hearing Panel considered the evidence and submissions presented by MFDA Staff with respect to the alleged misconduct;
AND WHEREAS on the basis of the evidence and submissions presented during the Hearing, in the opinion of the Hearing Panel, the Respondent:
- Between approximately September 2014 and February 5, 2019, misappropriated or otherwise failed to account for monies obtained from a client and at least 2 individuals, contrary to MFDA Rule 2.1.1.
- Between approximately September 2014 and December 2015, submitted for processing unauthorized redemptions in the account of a client, contrary to MFDA Rule 2.1.1.
- Commencing April 5, 2019, failed to cooperate with Staff’s investigation of her conduct, 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 associated with any MFDA Member, pursuant to section 24.1.1(e) of the MFDA By-law No. 1;
- The Respondent shall pay a fine in the amount of $300,000, pursuant to s. 24.1.1(b) of MFDA By-law No.1;
- The Respondent shall pay costs in the amount of $20,000, pursuant to s. 24.2 of MFDA By-law No. 1; and
Martin L. FriedlandMartin L. FriedlandChair
Edward V. JacksonEdward V. JacksonIndustry Representative
Joseph YassiJoseph YassiIndustry Representative