THE RESPONDENT’S POSITION. 25. During the period between May 2003 and July 2004, Investors Group adopted additional practices and procedures to prevent and detect market timing that could reasonably be expected to be harmful to the I.G. Funds and unitholders of the I.G. Funds.
THE RESPONDENT’S POSITION. 26. Since January 2016 the Respondent no longer conducts his general practice as set out in paragraphs 6 to 8 of this Agreement and is conducting client transactions in accordance with IG’s policies and procedures.
THE RESPONDENT’S POSITION. 49. The Respondent states that he has paid a heavy price for his non-compliance with the regulatory requirements at issue in this matter, including the loss of his business and his personal reputation. He states that the events that led to his resignation from Sun Life on February 11, 2009, the ongoing investigation in this matter and the within proceeding have all had a 12 The Respondent provided to Staff notes from his doctors dated May 17, 2010, September 16, 2010 and November 28, 2011. devastating impact on his health and financial well-being. Indeed, the Respondent states that the loss of his business has contributed to struggles to support his family and his child having to leave school.
THE RESPONDENT’S POSITION. 49. Throughout the relevant period, Xxxxx was occasionally updated regarding the Phase III Contract. However, Xxxxx was not included in the vast majority of discussions on the issue and Xxxxx was advised that the matter was being addressed by Xxxxxxx and Xxxxxxxxx, the two officers within BEI who had primary responsibility for the Phase III Contract. When Xxxxx inquired about the status of the Phase III Contract, Xxxxxxx and Xxxxxxxxx repeatedly advised Xxxxx that the Phase III Contract was secure, that its scope was 300,000 tons and that any efforts by BEI’s competitor to dislodge the contract were without merit.
THE RESPONDENT’S POSITION. 41. The Respondent states that at no time did he intend to mislead, hide or otherwise interfere with the Member’s regulatory obligations.
THE RESPONDENT’S POSITION. 28. The Respondent states that he maintained and used blank or partially completed pre- signed forms to process transactions in client accounts and delayed, at his discretion, the processing of transactions in client accounts because he was working close to 50 hours a week and was unable to process the trades on the same day that he had met with the client(s). The Respondent states that he informed Xxxxxxxxxx verbally about difficulties he was having with his workload, the “pending” files and the delayed transactions, but did not indicate to Credential the extent and severity to which he had fallen behind with his work.
THE RESPONDENT’S POSITION. 19. On December 7, 2007, the Respondent provided the Ontario Securities Commission with an affidavit in which he admitted to the falsification of approximately 10 client KYC forms. On October 7, 2008, the Respondent attended an interview with Staff of the MFDA and identified 11 KYC forms which he had falsified.
THE RESPONDENT’S POSITION. 49. The Respondent has been in the mutual fund industry for over 35 years. Prior to this investigation, the Respondent has never been disciplined by the MFDA.
THE RESPONDENT’S POSITION. 18. The Respondent states that he has not been the subject of prior MFDA regulatory proceedings. The Respondent further states that even though no known client complaints were made as a result of the facts described in Part IV, he ought to have known that his admitted-to misconduct was in violation of MFDA Rules, Policies and By-laws. Nevertheless, he regrets his conduct and fully accepts responsibility for his actions, including the consequential penalties agreed to herein.
THE RESPONDENT’S POSITION. 28. The Respondent believed that he could not correct the ICAN Form Deficiency within the time period specified by the BCO due to client JP’s work schedule.
