December 28, 2022 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (the “MFDA”) has issued its Reasons for Decision dated December 19, 2022 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Toronto, Ontario on October 24, 2022, in the matter of James Michael Lewis (the “Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been prohibited from conducting securities related business while in the employ of or in association with a Member of the MFDA for a period of thirty (30) months, expiring December 7, 2024;
- has paid costs of $5,000;
- shall pay a fine of $20,000, payable in instalments as follows:
- has paid $5,000 on October 24, 2022;
- $3,750 on or before January 24, 2023;
- $3,750 on or before April 24, 2023;
- $3,750 on or before July 24, 2023;
- $3,750 on or before October 24, 2023; and
- shall in the future comply with MFDA Rules 1.1.1(c), 2.2.1, and 2.1.1.
A copy of the Reasons for Decision are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Strathroy, 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 76,695 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.