September 10, 2021 (Toronto, Ontario) – A settlement hearing in the matter of James Edgar Mitchell Wilson (“Respondent”) was held in Winnipeg, Manitoba by electronic hearing today before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement dated July 2, 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 fine in the amount of $30,000;
- costs in the amount of $2,500;
- shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an industry course acceptable to Staff of the MFDA, within 3 months of the acceptance of the Settlement Agreement; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- between September 2009 and November 2018, he obtained, possessed, and in some instances, used to process transactions, 80 pre-signed account forms in respect of 51 clients, contrary to MFDA Rule 2.1.1;
- between January 2013 and April 2018, he altered and used to process transactions, 15 account forms in respect of 14 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
- in June 2015, he photocopied the signature page from an account form that had been previously signed by a client and re-used the signature page to complete one additional form in respect of the client, 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 out of the Winnipeg, Manitoba 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.