June 3, 2021 (Toronto, Ontario) – A settlement hearing in the matter of Collin John Spithoff (“Respondent”) was held by electronic hearing today, 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 February 26, 2021 (“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 five years;
- a fine in the amount of $25,000; and
- costs in the amount of $5,000.
In the Settlement Agreement, the Respondent admitted that:
- from September 2015 to April 2018, he engaged in securities related business that was not carried on for the account and through the facilities of the Member when he recommended and facilitated the sale of at least $1,270,000 worth of promissory notes to 14 clients, contrary to the Member’s policies and procedures and MFDA Rules 1.1.1, 1.1.2, 2.5.1 and 2.1.1; and
- in or about December 14, 2017, he misled the Member by making false statements to a branch review officer and not disclosing that he recommended and facilitated the sale of investments outside the Member, 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 Mississauga, 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.