The Mutual Fund Dealers Association of Canada (MFDA) announced March 15 that a hearing panel held in Toronto has fined Jeremy Travis, a former mutual fund representative, $50,000 for misconduct. He is also required to pay an additional $5,000 in costs.
The MFDA says that beginning in December 2010, Travis engaged in personal financial dealings with a client by borrowing $10,000 from the client and obtaining $2,200 in airline tickets paid for with the client's credit card. This gave rise to a conflict or potential conflict of interest that he failed to disclose to his employer or address by the exercise of responsible business judgment influenced only by the best interests of the clients, says the regulator.
Falsely denied borrowing money
In 2015, Travis misled his dealer, an MFDA member, by falsely denying that he had borrowed money from a client, "thereby interfering with the ability of his employer to supervise his activities and engaging in conduct that is unbecoming and detrimental to the public interest," stated the MFDA in an announcement.
Finally, the MFDA says that in 2016 Travis failed to cooperate with its investigation into his misconduct.
In addition to the fine and costs imposed, Travis is permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA member.