February 8, 2016 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Mervin Evans Visneskie (the “Respondent”). In its Notice of Hearing dated January 18, 2016, Staff of the MFDA alleges that the Respondents engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Commencing in 2002, the Respondent engaged in personal financial dealings with eight (8) clients by requesting and accepting a total of approximately $764,300 from the clients, which he failed to repay in full or otherwise account for, thereby placing his own interests ahead of the clients’ interests and creating a conflict or potential conflict of interest which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.4 and Rule 2.1.1.
Allegation #2: Between 2002 and 2013, the Respondent misled the Members with whom he was registered with respect to his personal financial dealings with eight (8) clients, thereby interfering with the Member’s ability to conduct a reasonable supervisory investigation of the Respondent’s activities and failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding, originally scheduled to be held on April 13, 2016, will now take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on May 9, 2016 at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard. The hearing will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 99 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.
DM 465267 v1