MFDA Hearing Panel makes findings and imposes sanctions against Victor Machon
July 30, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Victor Antonio Machon (“Respondent”) by Notice of Hearing dated December 13, 2017.
A disciplinary hearing in this proceeding was held on July 26, 2018 in Toronto, Ontario before a three-member Hearing Panel of the MFDA’s Central Regional Council. After hearing submissions from Staff of the MFDA, the Hearing Panel found that the allegation set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following finding of misconduct:
Allegation #1: Between January 2015 and January 2016, the Respondent signed the signature of three clients on four account forms, and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1.
Following submissions from MFDA Staff, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six months;
- a fine in the amount of $10,000;
- costs in the amount of $3,000; and
- in the future shall comply with MFDA Rule 2.1.1.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Toronto, 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 82,000 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.