The Mutual Fund Dealers Association has ordered a former fund salesman with Dundee Private Investors Inc. to pay a $75,000 penalty for failing to repay money borrowed from a client.

A disciplinary hearing in the matter of Christopher Philip Jones was held Friday in Toronto, Ontario before a three-person hearing panel of the MFDA’s Central Regional Council.

After hearing submissions from MFDA staff, the panel found that between Feb. 26, 2003 and March 18, 2008 when Jones was registered as a mutual fund salesman first with Cartier Partners Financial Services Inc. and subsequently with Dundee Private Investors Inc., he engaged in personal financial dealings with client AS by borrowing a total of $13,000 from AS which Jones failed to repay in full or otherwise account for.

The panel also found that commencing September 2008, Jones failed to co-operate with an MFDA investigation by failing to comply with a request by MFDA staff that he provide a written statement concerning the matters under investigation.

Following the hearing, the panel order that Jones be permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA member firm. In addition the panel ordered Jones to pay $71,400 in fines and $5,000 in costs.

Jones resigned from Dundee effective March 18, 2008 and is not currently registered in the securities industry in any capacity.

IE