April 9, 2019 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Glen Lawrence Gomes (“Respondent”). In its Notice of Hearing dated March 4, 2019 (“Notice of Hearing”), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between October 2013 and May 2014, the Respondent engaged in securities related business that was not carried on for the account of the Member and through its facilities by recommending, selling, and/or facilitating the sale of mortgage investments products to at least three clients totaling approximately $434,700, contrary to the Member’s policies and procedures and MFDA Rules 1.1.1, 2.1.1, 2.5.1 and 1.1.2.
Allegation #2: Between October 2013 and May 2014, the Respondent engaged in another gainful occupation, which was not disclosed to and approved by the Member, by recommending, selling, and/or facilitating the sale of mortgage investment products to at least three clients totaling approximately $434,700, contrary to the Member’s policies and procedures, MFDA Rules 1.2.1(c) (now MFDA Rule 1.3), 2.1.1, 2.5.1 and 1.1.2.
Allegation #3: Between October 2013 and May 2014, the Respondent referred at least three clients to a company that sold mortgage investment products and received at least $34,344 in referral fees for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with sections 13.7 to 13.10 of National Instrument 31-103, and MFDA Rules 2.1.1 and 2.4.2.
Allegation #4: Between January 13, 2013 and March 31, 2017, the Respondent obtained and possessed four pre-signed account forms in respect of three clients, contrary to MFDA Rule 2.1.1.
Allegation #5: On October 21, 2010, the Respondent altered two account forms in respect of a client without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on May 14, 2019 at 9:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact email@example.com to obtain particulars.
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 81,000 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.