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MFDA Hearing Panel accepts Settlement Agreement with Jeffrey Young

TORONTO, April 8, 2014 /CNW/ - A Settlement Hearing in the matter of Jeffrey Hanford Harold Young (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the Settlement Agreement ("Settlement Agreement") between Staff of the MFDA ("Staff") and the Respondent, as a consequence of which the Respondent:

  • is permanently prohibited from acting as a mutual fund salesperson commencing on the date of acceptance of the Settlement Agreement;
  • shall pay a fine of $7,500; and
  • shall pay $5,000 in costs.

In the Settlement Agreement, the Respondent admitted that:

(a)    by selling, recommending, referring or facilitating the sale of:




i.

USI Corp. viatical settlements to at least 8 Sun Life clients and 10 other individuals between 2007 and 2008 via HVPS, USI Corp. viatical settlements between 2000 and 2004 via KFG, and USI Corp. viatical settlements between 2004 and 2006 via KHMW;



ii.

700,000 of the AHC Investments to at least 5 clients of Sun Life in 2008-2008; and



iii.

at least $10,000 of SPF Corp. shares to at least 1 individual in August 2007





the Respondent engaged in securities related business that was not carried on for the account and through the facilities of Sun Life, contrary to MFDA Rules 1.1.1(a) and 2.1.1.

(b)

between 2006 and 2008, had and continued in other gainful occupations that were not disclosed to and approved by the Member by:





i.

recommending, referring or facilitating the sale of investments offered by USI Corp.; and



ii.

recommending, referring or facilitating the sale of investments offered by AHC Corp.;





contrary to MFDA Rules 1.2.1(d) and 2.1.1.

(c)

between 2006 and 2008, engaged in activities that gave rise to conflicts or potential conflicts of interest between his interests and the interests of clients of the Member, which conflicts he failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, by recommending, referring or facilitating the sale of investments in companies in which they had a direct or indirect interest as described above, having regard to the sale of:





i.

$700,000 of an exempt market investment product offered by AHC Corp. to at least 5 clients; and



ii.

$10,000 of shares in SPF Corp. to one individual;





contrary to MFDA Rules 2.1.4 and 2.1.1

(d)

between 2000 and 2008, entered into a referral arrangement with:





i.

USI Corp. in respect of the sale of viatical settlements pursuant to which he was paid or entitled to receive referral fees or commissions totaling at least $55,000; and



ii.

9905009, pursuant to which the Respondent directly or indirectly paid, or was required to pay, fees in exchange for the referral of mutual fund clients and life insurance clients to 9905009





contrary to MFDA Rules 2.4.2(b) and 2.1.1; and

(e)

commencing February 23, 2010, has failed to answer questions requested by the MFDA during the course of an investigation, contrary to section 22.1 of MFDA By-law No. 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 carried on business in Waterloo, Ontario.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 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.


SOURCE Mutual Fund Dealers Association of Canada

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