MFDA Hearing Panel makes findings and imposes sanctions against Jeremy Travis
March 15, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Jeremy William Travis (“Respondent”) by Notice of Hearing dated October 4, 2017.
A disciplinary hearing in this matter was held yesterday 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 three allegations set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct against the Respondent:
Allegation #1: Commencing in December 2010, he engaged in personal financial dealings with client MP by borrowing $10,000 from the client and obtaining $2,200 in airline tickets paid for with the client’s credit card, which gave rise to a conflict or potential conflict of interest that he failed to disclose to the Member or address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.1 and 2.1.4.
Allegation #2: In March and November 2015, he misled the Member by falsely denying that he had borrowed money from a client, thereby interfering with the ability of the Member to supervise his activities and engaging in conduct that is unbecoming and detrimental to the public interest, contrary to MFDA Rules 1.1.2, 2.5.1 and 2.1.1.
Allegation #3: Commencing in July 2016, he has failed to cooperate with an investigation by Staff of the MFDA concerning his conduct, contrary to section 22.1 of MFDA By-law No. 1.
The Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a permanent prohibition on the authority of the Respondent to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $50,000; and
- costs in the amount of $5,000.
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 Owen Sound, 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 605409
