MFDA Hearing Panel issues Reasons for Decision in the matter of Jeremy Travis
May 23, 2018 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated May 22, 2018 in connection with a disciplinary hearing held in Toronto, Ontario on March 14, 2018 in the matter of Jeremy William Travis (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been a permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- has been ordered to pay a fine in the amount of $50,000; and
- has been ordered pay costs in the amount of $5,000.
The Hearing Panel made the following findings of misconduct against the Respondent:
- commencing in December 2010, he engaged in personal financial dealings with client MP by borrowing $10,000 from the client and obtaining $2,200 in airline tickets paid for with the client’s credit card, which gave rise to a conflict or potential conflict of interest that he failed to disclose to the Member or address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.1 and 2.1.4;
- in March and November 2015, he misled the Member by falsely denying that he had borrowed money from a client, thereby interfering with the ability of the Member to supervise his activities and engaging in conduct that is unbecoming and detrimental to the public interest, contrary to MFDA Rules 1.1.2, 2.5.1 and 2.1.1; and
- commencing in July 2016, he has failed to cooperate with an investigation by Staff of the MFDA concerning his conduct, contrary to section 22.1 of MFDA By-law No. 1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Owen Sound, 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 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.