October 30, 2019 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Glen Lawrence Gomes (“Respondent”) by Notice of Hearing dated March 4, 2019.
A disciplinary hearing in this matter was held yesterday in Toronto, Ontario before a three-member Hearing Panel of the MFDA’s Central Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts dated October 24, 2019 (“Agreed Statement of Facts”) in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which the Respondent could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1. In particular, the Respondent admitted that:
- between October 2013 and May 2014, he engaged in securities related business that was not carried on for the account of the Member and through its facilities by facilitating the sale of mortgage investments products to 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;
- between January 13, 2013 and March 31, 2017, he obtained and possessed four pre-signed account forms in respect of three clients, contrary to MFDA Rule 2.1.1.; and
- on October 21, 2010, altered two account forms in respect of a client without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
Following submissions from the parties with respect to penalty, the Hearing Panel reserved its decision and advised it will issues its decision and written reasons in due course.
Copies of the Notice of Hearing and the Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent conducted business in Markham, Ontario.
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.