March 15, 2021 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Collin Spithoff (“Respondent”) by Notice of Hearing dated December 22, 2020.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will proceed before a Hearing Panel of the MFDA’s Central Regional Council by electronic hearing on June 3, 2021, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard. Members of the public who would like to obtain particulars should contact [email protected].
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:
- from September 2015 to April 2018, engaged in securities related business that was not carried on for the account and through the facilities of the Member, contrary to the Member’s policies and procedures and MFDA Rules 1.1.1, 1.1.2, 2.5.1 and 2.1.1; and
- in or about December 14, 2017, he misled the Member by making false statements to a branch review officer and not disclosing that he recommended and facilitated the sale of investments outside the Member, contrary to MFDA Rule 2.1.1.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
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.