A hearing panel of the Central Regional Council of the MFDA has issued Reasons for Decision, in connection with the disciplinary on June 1, 2012 in the matter of Jeffrey Murray Willis.
Willis was registered in Ontario as a mutual fund salesperson with IPC Investment Corporation from August 6, 1999 to May 31, 2009, and was a branch manager from August 2000 to May 31, 2009.
He was terminated on May 31, 2009 and isn’t currently registered in the securities industry in any capacity. The MFDA staff acknowledges that he co-operated with them during the preparation for the hearing to the extent that an agreed statement of facts was prepared and filed at the hearing.
The hearing set out three allegations, but MFDA staff elected to proceed with only two. Willis admitted he:
(a) engaged in securities related business from October 2008 to May 2009 that was not carried on for the account and through the facilities of IPC by selling, referring or facilitating the sale of investments in four investment products that were not approved by the company.
(b) engaged in personal financial dealings from May 9, 2007 to July 29, 2008, with client NF by remaining indebted to the client in the amount of $150,000, and re-financing his indebtedness during this period. He thereby created a conflict of interest between his own interests and client interests, which he failed to ensure was addressed by the exercise of responsible business judgment.
The MFDA staff recommends a permanent prohibition, a fine of $35,000 and costs in the amount of $2,500.