Click here to close now.


News Feed Item

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:


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;


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


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.


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


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


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

contrary to MFDA Rules 1.2.1(d) and 2.1.1.


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:


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


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

contrary to MFDA Rules 2.1.4 and 2.1.1


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


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


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


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 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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...