MFDA announces disciplinary proceeding in respect of Lee McIvor
March 29, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Lee Scott McIvor (“Respondent”). In its Notice of Hearing dated February 9, 2018, 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: In June 2015, the Respondent, or his assistant for whom he was responsible, cut and pasted a client signature from an account form that had been previously signed by a client onto a new account form and submitted the form for processing, contrary to MFDA Rule 2.1.1.
Allegation #2: Between March 2013 and March 2014, the Respondent falsified and used to process transactions, two account forms in respect of two clients, by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.
Allegation #3: Between March 2007 and March 2016, the Respondent, or his assistant for whom he was responsible, obtained, possessed, and, in some instances, used to process transactions, 92 pre-signed account forms in respect of 35 clients, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Prairie Regional Council on April 23, 2018 at 10:30 a.m. (Mountain), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.
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 carried on business in the Thompson, Manitoba area and 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 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.