WHEREAS on December 18, 2018, 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 Joel Henry Attis (the “Respondent”) which shall take place before a hearing panel of the Atlantic Regional Council (the “Hearing Panel”);
AND WHEREAS appearances were held in this matter on February 25, 2020, August 20, 2020, September 24, 2020, January 14, 2021, and April 26, 2021;
AND WHEREAS on July 12 to 16, 2021 and October 26, 2021, the Hearing Panel conducted a hearing with respect to the allegations described in the Amended Notice of Hearing (amended July 12, 2021);
AND WHEREAS after hearing the evidence and the submissions from Staff and counsel for the Respondent, the Hearing Panel is of the opinion that the Respondent:
- between December 2015 and August 2017, engaged in discretionary trading in respect of four series of bulk trades he processed in client accounts, contrary to the Member’s policies and procedures, and MFDA Rules 2.3.1(b), 1.1.2, 2.5.1, or Rule 2.1.1; and
- between December 2015 and August 2017, failed to maintain adequate records of the clients’ authorization for trades, contrary to the Member’s policies and procedures and MFDA Rules 5.1, 1.1.2 and 2.5.1, or Rule 2.1.1.
AND WHEREAS on November 10, 2022, the Hearing Panel heard submissions from Staff and counsel for the Respondent concerning a joint submission on the appropriate sanctions to impose on the Respondent;
IT IS HEREBY ORDERED THAT:
- The Respondent is prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for period of two (2) years from the date of this Order, pursuant to section 24.1.1(e) of the MFDA By-law No. 1.
- The Respondent shall pay a fine in the amount of $50,000, pursuant to s. 24.1.1(b) of MFDA By-law No.1.
- The Respondent shall pay costs in the amount of $15,000, pursuant to s. 24.2 of MFDA By-law No.1.
- The Respondent shall pay the fine and costs as follows:
- $10,000 (costs) on the date of this Order;
- $50,000 (fine) and $5,000 (costs) on or before November 30, 2022.
Thomas J. LockwoodThomas J. LockwoodChair
Guenther W. K. KlebergGuenther W. K. KlebergIndustry Representative
Edward JacksonEdward JacksonIndustry Representative