In its first contested hearing, a panel of the Ontario Regional Council of the Mutual Fund Dealers Association today made findings against a former rep, but it has yet to issue reasons or sanctions.

The hearing panel found that the three allegations set out by MFDA staff in a Notice of Hearing against Robert Parkinson on January 17, were supported by the evidence.

MFDA staff alleged Parkinson had:

  • solicited about $337,000 from clients, and failed to return or otherwise account for these monies;
  • provided false account statements; and
  • abandoned his business as a mutual fund salesperson without notice to his clients or to his mutual fund dealer thereby frustrating the ability of the mutual fund dealer and the MFDA to investigate his conduct.

The MFDA panel advised that it would issue written reasons and its decision on a sanction in due course.