June 22, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Nicholas Andrew Rivet (the “Respondent”) by Notice of Hearing dated November 16, 2021 (“Notice of Hearing”).
A disciplinary hearing in this proceeding was held electronically by videoconference today before a three-member Hearing Panel of the MFDA’s Central Regional Council. After receiving evidence and hearing submissions by Staff of the MFDA, the Hearing Panel found that the three allegations set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct:
Allegation #1: Between approximately December 2017 and January 2018, the Respondent misappropriated or failed to account for monies obtained from a client, contrary to MFDA Rule 2.1.1.
Allegation #2: On or about April 12, 2018, the Respondent created and provided a fictitious document to a client in order to conceal from the client that the Respondent had misappropriated the client’s monies, contrary to MFDA Rule 2.1.1.
Allegation #3: On December 18, 2017 and January 4, 2018, the Respondent processed two trades in the accounts of a client without first obtaining instructions from the client with respect to all elements of the trades, contrary to the Member’s policies and procedures and MFDA Rules 2.3.1(b), 2.1.1, 1.1.2, and 2.5.1.
Following submissions from Staff of the MFDA with respect to penalty, the Hearing Panel reserved its judgment and advised that it will issue its written decision and provide its reasons in due course.
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 North Bay, 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 80,000 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.