March 6, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Mark Lawrence Jennings (the “Respondent”). In its Notice of Hearing dated January 26, 2017, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between October 2002 and October 2014, the Respondent, or his assistants for whom he was responsible, obtained, possessed, and in some instances, used to process transactions, 25 pre-signed account forms in respect of 11 clients, contrary to MFDA Rule 2.1.1.
Allegation #2: Between August 25, 2011 and June 19, 2015, the Respondent falsified and used to process transactions, two (2) account forms in respect of two (2) clients, by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.
Allegation #3: On or about January 17, 2014, on one occasion, the Respondent accepted cash from clients and used the cash to purchase bank drafts to invest in mutual funds on the clients’ behalf, thereby failing to comply with the Member’s policies and procedures, contrary to MFDA Rules 1.1.2, 2.5.1, and 2.1.1.
Allegation #4: Between February 2015 and December 2015, the Respondent failed to keep adequate records of 11 transactions, thereby failing to comply with the Member’s policies and procedures, contrary to MFDA Rules 1.1.2, 2.5.1, and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on May 25, 2017 at 9:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will be open to the public, except as may be required for the protection of confidential matters.
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 528298 v1