MFDA announces date for penalty hearing in the matter of Mervin Visneskie
March 21, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Mervin Evans Visneskie (“Respondent”) by Notice of Hearing dated January 18, 2016.
In its Reasons for Decision (Misconduct) dated December 7, 2017, the Hearing Panel outlined its reasons for the findings of misconduct made against the Respondent. In particular, the Panel found that the Respondent:
Allegation #1: Commencing in 2002, engaged in personal financial dealings with eight clients by requesting and accepting a total of approximately $764,300 from the clients, which he failed to repay in full or otherwise account for, thereby placing his own interests ahead of the clients’ interests and creating a conflict or potential conflict of interest which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.4 and Rule 2.1.1.
Allegation #2: Between 2002 and 2013, misled the Members with whom he was registered with respect to his personal financial dealings with eight clients, thereby interfering with the Member’s ability to conduct a reasonable supervisory investigation of the Respondent’s activities and failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
A penalty hearing in this proceeding will take place May 30, 2018, commencing at 10:00 a.m. (Eastern), in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario. The proceeding will continue to be open to the public, except as may be required for the protection of confidential matters.
Copies of the Reasons for Decision (Misconduct) and the Notice of Hearing are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision (Misconduct), the Respondent conducted business in the Kinburn, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.
DM 606248
