Skip to Main Content

MFDA Reasons For Decision

Re: Garth Adrian Plunkett

Heard: December 15, 2015 in Toronto, Ontario
Reasons For Decision: November 15, 2016

Reasons For Decision

(Reasons of Penalty)

Appearances:

Maria L. Abate — Enforcement Counsel, Mutual Fund Dealers Association of Canada (“MFDA”)

|Lindsay Scott — Counsel for Blair Addison (the “Respondent”)

Introduction

1. We have come to a decision on penalty. As I mentioned at the beginning of this morning, we will tell you what our decision is, we will highlight the reasons, and then we will get a transcript of the reasons and we will expand them into a full written set of reasons [this document].

2. We determine the appropriate penalty to be a fine of $15,000, a prohibition from participating in the industry for six (6) months, and a cost award of $5,000.

3. Staff of the MFDA (“Staff”) requested a fine of $100,000, costs in the amount of $10,000, and a permanent prohibition.

4. The Respondent suggested a fine of $10,000, no cost award, and no prohibition.

5. In arriving at our decision, we took into account, first and foremost, that the principal, and more serious, allegations in this matter, which related to whether or the Respondent was engaged in securities business, were not proved. We found that the activities of the Respondent did not constitute securities related business, did not involve any soliciting or sales of securities, and did not involve advising.

6. Secondly, we noticed that there was no client involvement and no evidence of harm to clients of the Respondent or his Member or anyone else, and that the Respondent was not involved in holding himself out as a representative of Quadrus or Brownstone or as a mutual fund representative. 7. His other business activities in issue did not relate to that. They related to managing and participating in the selection of investments of Private Wealth, a private company.

  • Fred H Web
    Fred H Web
    Chair
  • Janel McJaney
    Janel McJaney
    Industry Representative