August 25, 2022 (Toronto, Ontario) – As previously announced, the settlement hearing in the matter of Erich Gilles Juillet (the “Respondent”) was held electronically by videoconference on August 23, 2022 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 accepted the settlement agreement dated April 27, 2022 (the “Settlement Agreement”), between Staff of the MFDA and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six months; commencing August 23, 2022;
- a fine in the amount of $5,000;
- costs in the amount of $2,500; and
- shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an ethics course acceptable to Staff of the MFDA, prior to becoming re-registered as a dealing representative with a Member of the MFDA.
In the Settlement Agreement, the Respondent admitted that:
- on or about February 6, 2018, he failed to notify the Member of a transactional error in the handling of a client account, contrary to the Member’s policies and procedures and MFDA Rules 1.1.2, 2.5.1 and 2.1.1;
- between on or about January 25, 2018 and February 6, 2018, he failed to obtain trade instructions from both joint account holders prior to processing trades in their account, contrary to the Member’s policies and procedures and MFDA Rules 1.1.2, 2.5.1 and 2.1.1;
- on or about February 6, 2018, he provided a false or misleading statement to the Member in response to a Member supervisory inquiry, contrary to MFDA Rule 2.1.1; and
- on or about October 6, 2016, he signed the signature of a client on an account form and submitted the account form to the Member for processing, contrary to MFDA Rule 2.1.1.
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 conducted 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 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.