April 18, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (the “MFDA”) has commenced disciplinary proceedings in respect of Dennis Jerome Duclos (the “Respondent”). In its Notice of Hearing dated March 23, 2022 (the “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: On or about June 5, 2019, the Respondent processed a redemption in a client account based on the instructions from someone other than the client, contrary to the Member’s policies and procedures and MFDA Rules 1.1.2, 2.5.1, and 2.1.1.
Allegation #2: Between in or about November 2019 and June 2020, the Respondent failed to report to the Member complaints received from a client, contrary to the Member’s policies and procedures and MFDA Rules 1.1.2, 2.5.1, 2.1.1, 1.4(b), and MFDA Policy 6.
Allegation #3: Between in or about September 2014 and October 2018, the Respondent altered and used to process transactions 4 account forms in respect of 2 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
Allegation #4: Between in or about October 2019 and September 2020, the Respondent failed to record and maintain evidence of client trade instructions with respect to 16 redemptions in 4 client accounts, contrary to the Member’s policies and procedures and MFDA Rules 1.1.2, 2.5.1, and 5.1(b).
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on June 9, 2022 at 10:30 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.
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 80,000 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.