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MFDA announces disciplinary proceeding in respect of Collin Spithoff

For further information, please contact:

Charles Toth
Vice President, Enforcement

MFDA announces disciplinary proceeding in respect of Collin Spithoff

December 23, 2020 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Collin John Spithoff (“Respondent”). In its Notice of Hearing dated December 22, 2020 (“Notice of Hearing”), 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 September 2015 and April 2018, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member when he recommended, sold, or facilitated the sale of at least $1,270,000 of promissory notes to at least 14 clients, contrary to the Member’s policies and procedures and MFDA Rules 1.1.1, 1.1.2, 2.5.1 and 2.1.1.

Allegation #2: Between September 2015 and April 2018, the Respondent engaged in an outside business activity when he recommended, sold, or facilitated the sale of at least $1,270,000 of promissory notes to at least 14 clients, which was not disclosed to and approved by the Member, contrary to the Member’s policies and procedures and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3)[1], 1.1.2, 2.5.1, and 2.1.1.

Allegation #3: Between 2015 and 2017, the Respondent misled the Member by (i) failing to disclose on his annual affirmation reports that he was recommending, selling, or facilitating the sale of promissory notes and (ii) making false statements to the Member during a branch audit, 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 Central Regional Council on February 1, 2021 at 10:00 a.m. (Eastern), 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 issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.

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 Mississauga, 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 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.

[1] MFDA Rule 1.2.1(c) was amended and renumbered as MFDA Rule 1.3 effective March 17, 2016.

DM 789535