MFDA makes findings against Jones

A disciplinary hearing in the matter of Christopher Philip Jones was held today in Toronto, Ontario before a three-person hearing panel of the MFDA’s Central Regional Council. After hearing submissions from staff of the MFDA, the hearing panel found that the following allegations in the notice of hearing had been established:

Allegation #1: Between February 26, 2003 and March 18, 2008, the respondent engaged in personal financial dealings with client AS by borrowing a total of $13,000 from AS which the respondent failed to repay in full or otherwise account for, contrary to MFDA Rules 2.1.4 and 2.1.1.

Allegation #2: Commencing September 2008, the respondent failed to cooperate with an MFDA investigation by failing to comply with a request by MFDA Staff that he provide a written statement concerning the matters under investigation, contrary to section 22 of MFDA By-law No. 1.

The hearing panel made the following orders at the conclusion of the hearing and advised that it would issue written reasons for its decision in due course:

• The respondent is permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any member of the MFDA;
• The respondent shall pay a fine of $21,4000 in respect of Allegation #1;
• The respondent shall pay a fine of $50,000 in respect of Allegation #2; and
• The respondent shall pay costs to the MFDA in the amount of $5,000.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.