MFDA hearing panel bans, fines advisor $150,000

first_img Share this article and your comments with peers on social media Keywords EnforcementCompanies Mutual Fund Dealers Association Tessie Sanci BFI investors plead for firm’s sale Related news Mouth mechanic turned market manipulator A Mutual Fund Dealers Association of Canada (MFDA) hearing panel has issued a fine of $150,000 and permanently prohibited a former advisor from conducting securities-related business in connection with four infractions, which include borrowing from a client and engaging in an outside business activity (OBA). Facebook LinkedIn Twitter In addition, the hearing panel is imposing costs of $10,000 on Keith Lorne Davis, the former advisor in Edmonton who was with WFG Securities Inc. at the time of the rule violations. Most of the infractions are connected to Davis’s choice to start a tax return preparation business called Davis and Associates, according to the MFDA hearing panel’s findings released this past Friday. In October 2009, Davis borrowed $80,000 from one client, referred to as “MJ” in the findings, to help fund that secondary business without WFG Securities’ knowledge. He provided a promissory note to MJ in October 2012, which stated that Davis would pay MJ interest at a rate of 6% in addition to the original amount that he borrowed by October 2015. However, in March 2015, Davis was declared bankrupt and the MFDA hearing panel notes that he has not made any of the promised payments to his client. Davis was fined $90,000 specifically for this allegation. Davis’s action in borrowing from his client gave “rise to a conflict or potential conflict of interest, which the respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1,” the MFDA’s findings state. The MFDA hearing panel also established that Davis engaged in his accounting business between October 2009 and September 2013 without the knowledge or approval of his firm. This is contrary to WFG Securities’ own policies and procedures and those of the MFDA. In addition, when Davis was required to complete a form disclosing OBAs in February 2013, he stated that he was not involved in any such activity. Davis was fined $50,000 for those two infractions. The fourth infraction is related to the possession of at least 17 blank or partially completed pre-signed account forms, which included multiple know-your-client forms and trade tickets. He held these documents in respect of nine clients. Davis was fined $10,000 for this infraction. Davis was registered as a mutual fund salesperson, now known as a dealing representative, between February 2002 and September 2013, at which point he resigned from WFG Securities. He is no longer registered in the securities industry in any capacity. Photo copyright: serezniy/123RF IIROC reaches settlement with three former All Group reps serezniy/123RF PwC alleges deleted emails, unusual transactions in Bridging Finance caselast_img read more

Ground Broken For James-Patterson Infant School

first_imgRelatedUWI Collaborates With OAS to Deliver Citizenship Education Programme RelatedSkills Training And Medical Centres Open In Montego Bay Free Zone RelatedPrincipals Credit Improved Performance to Good Teacher – Pupil Ratio FacebookTwitterWhatsAppEmail Story HighlightsGround was broken on November 4 for the James-Patterson Infant School, in York View, Dias, Western Hanover, by former Prime Minister, the Most Hon. P.J. Patterson, and Education Minister, Hon. Rev. Ronald Thwaites.Funding for the first phase of the facility, which is being built in honour of Mr. Patterson and his family, is being provided by the Ministry of Education at a cost of over $100 million.Contributions committed by a number of civic and corporate entities will be used to complete phase two.center_img Ground Broken For James-Patterson Infant School EducationNovember 6, 2015Written by: Marlon Tingling Ground was broken on November 4 for the James-Patterson Infant School, in York View, Dias, Western Hanover, by former Prime Minister, the Most Hon. P.J. Patterson, and Education Minister, Hon. Rev. Ronald Thwaites.Funding for the first phase of the facility, which is being built in honour of Mr. Patterson and his family, is being provided by the Ministry of Education at a cost of over $100 million.Contributions committed by a number of civic and corporate entities will be used to complete phase two.Phase one will see the establishment of a full Infant School, while facilities for adult learning, a computer lab and a tourism training centre will be included in the second phase.In his address at the ceremony, Mr. Patterson, who is from York View, in Dias, expressed delight that the school will become a reality in short order, noting that discussions and architectural works on the institution started before he demitted office as Prime Minister in 2006.“Today is for me a very, very special day. As you can imagine, over many years I have been involved in countless ground breakings, but this one is as significant as any other,” Mr. Patterson said.He noted that construction of the school forms part of activities to mark his 80th birthday celebrations, which took place on April 10 this year.The former Prime Minister said the building of an infant school was the most apt way to use the York View lands, which were donated by his family.“For me, this infant school on this site has a very special meaning. This school is called the James-Patterson School – it’s not James and then Patterson…This is the James-Patterson institute, not just for Patterson, but more so for James,” he said.Mr. Patterson emphasised that when completed, the facility must be operated on a non-partisan basis, where politics, religion and gender will not matter.“All who enter these premises, regardless of gender, regardless of religion, regardless of political connection, must be treated in an equal fashion, because that is what my grandparents and my mother and I would want to ensure,” he said.The former Prime Minister said his vision for phase two of the building includes the establishment of facilities to assist with adult literacy, computer training as well as for the training of persons for the hospitality sector.“I want the people of Dias, not just the children of Dias, of Kingsvale, of Cacoon, of Riverside and of Ginger Hill to benefit,” he added.Also at the ceremony were:  Mayor of Lucea, Councillor Wynter McIntosh; Custos of Hanover, Hon. Dr. David Stair; and Executive Director of the Early Childhood Commission, Dr. Joan Reid. Advertisementslast_img read more

Terry O’Day talks traffic reduction

first_imgHomeNewsCity CouncilTerry O’Day talks traffic reduction Oct. 26, 2016 at 12:00 pmCity CouncilTerry O’Day talks traffic reductionGuest Author5 years agocity councildaily presselectionSanta MonicaSanta Monica City Councilsanta monica daily presssanta monica electionterry oday Meet the Candidates of this years ElectionEveryday this week from Oct. 24 –Oct. 28 the Santa Monica Daily Press will post a video of candidates that came forward to express their ideas regarding Santa Monica. Every candidate has a different question. The video will range from 2-4 minutes. Meet the candidates of this year’s election. Don’t forget voting is Nov.8.Tags :city councildaily presselectionSanta MonicaSanta Monica City Councilsanta monica daily presssanta monica electionterry odayshare on Facebookshare on Twitteradd a commentDavis talks Santa Monica impacted eventsRob Greenstein Radar talks Santa Monica College PromiseYou Might Also LikeFeaturedNewsCity opens application process to fill McKeown’s vacant council seatClara Harter6 days agoFeaturedNewsDraft Housing Element released to publicBrennon Dixson2 weeks agoFeaturedNewsRent Board announces general adjustment effective SeptemberBrennon Dixson3 weeks agoFeaturedNewsCommissioners talk diversity, or a lack thereofBrennon Dixson3 weeks agoFeaturedNewsSMMUSD breaks down budget revisionsBrennon Dixson3 weeks agoFeaturedNewsCity and Coalition settle legal battleBrennon Dixson3 weeks agolast_img read more

A Royal fixture in BS3

first_imgThe Royals head to BS3 against seventh-placed City, who are now nine unbeaten, tomorrow (Saturday, October 5th, 3pm KO).The Robins are returning to Ashton Gate following consecutive draws on the road to Preston and Brentford.And it is City’s final game before the two-week international break.As for Reading, Jose Gomes’ side sit linger above the relegation zone, with just two wins in the league so far. They were beaten 4-1 on Tuesday night, against Fulham after going down to ten men.Saturday’s match will not be available via Robins TV for domestic-based supporters, meaning an audio-only pass, online coverage or attending the game in person will be your best way to ensure you don’t miss a minute of the action versus The Royals.CITY V READING: GET YOUR TICKETSlast_img read more