MFDA Hearing Panel approves settlement agreement with George Piper
February 26, 2018 (Toronto, Ontario) – A settlement hearing in the matter of George Lincoln Piper (“Respondent”) was held on February 21, 2018 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel approved the settlement agreement dated December 1, 2017 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $20,000;
- costs in the amount of $5,000; and
- in the future shall comply with MFDA Rules 2.1.1 and 2.1.4 and MFDA Policy No. 6.
In the Settlement Agreement, the Respondent admitted that:
- between March 2008 and May 2016, he borrowed $150,000 from one client and was indebted to another client in the amount of $25,000, thereby engaging in personal financial dealings with the clients which gave rise to a conflict or potential conflict of interest that the he failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.1 and 2.1.4; and
- between January 2012 and November 2015, he failed to report to the Member the fact that he had made an arrangement with his creditors, contrary to MFDA Policy No. 6, subsection 4.1(g).
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Ottawa, 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.