May 7, 2020 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Lee Scott McIvor (“Respondent”) by Notice of Hearing dated July 29, 2019.
A disciplinary hearing in this proceeding was held on May 7, 2020 in Winnipeg, Manitoba before a three-member Hearing Panel of the MFDA’s Prairie Regional Council. After receiving evidence and hearing submissions by 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: Commencing July 2018, the Respondent failed to cooperate with the MFDA’s investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
Following submissions from Staff of the MFDA with respect to penalty, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $75,000; and
- costs in the amount of $10,000.
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 on business in the Kelowna, British Columbia 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 81,000 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.