October 11, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Walter John Dixon (“Respondent”) by Notice of Hearing dated July 25, 2017 (“Notice of Hearing”).
A disciplinary hearing in this matter was held today in Toronto, Ontario before a Hearing Panel of the MFDA’s Central Regional Council. After hearing submissions from Staff of the MFDA, the Hearing Panel found that the allegation concerning the Respondent set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct against the Respondent:
Allegation #1: Commencing November 6, 2015, the Respondent has failed to cooperate with the MFDA’s investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
The Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a permanent prohibition from conducting securities related business in any capacity over which the MFDA has jurisdiction;
- a fine in the amount of $50,000; and
- costs in the amount of $7,500.
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 Lion’s Head, 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 83,000 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.