The Mutual Fund Dealers Association of Canada announced Feb. 8 that an MFDA hearing panel has sanctioned Robert William Copland with a $175,000 fine and a permanent ban.
The MFDA's Central Regional Council hearing panel found that five allegations of misconduct against Copland have been established. In particular, the Hearing Panel found that he engaged in outside business activities with respect to one or more coffee businesses, without the knowledge or approval of the MFDA Member (his dealer).
The hearing panel also found that on May 31, 2014, Copland misrepresented himself as a client's property manager in a letter submitted in support of the client's application to unlock a pension on the basis of financial hardship, “thereby failing to observe a high standard of conduct and ethics in the transaction of business, or engaging in conduct which is unbecoming or detrimental to the public interest…” said the MFDA.
In addition to the fine and ban, Copland has also been sanctioned with costs of $7,500.
During the time of the misconduct, Copland conducted business in the Bowmanville, Ontario area. To learn more, consult the Notice of Hearing on the MFDA’s website.