The Mutual Fund Dealers Association of Canada (MFDA) announced May 7 that it is fining former Sun Life Financial Investment Services (Canada) Inc. advisor, Lee Scott McIvor, $75,000, plus hearing costs of $10,000, and permanently banning him, after McIvor failed to cooperate with an MFDA investigation into his conduct.
According to the notice of hearing in the case, McIvor, a mutual fund sales representative since March 1996, had his registration terminated in March 2017. He is not currently registered in the securities industry in any capacity. Five months later, the MFDA commenced a review of his business after Sun Life reported that it had received a client complaint, alleging that McIvor had borrowed $40,000 from him but failed to repay the amount. The report also alleges that McIvor also borrowed a total of $490,000 from two other clients.
Although he participated in an interview with an MFDA investigator in June 2018, McIvor ignored subsequent requests for information, including copies of his bank records. “The respondent has not responded to any of staff’s correspondence (delivered by regular mail, registered mail, process server, email and telephone) and has not provided any of the information that staff has been requesting since July 2018,” they write. “Failure to provide the requested information has frustrated staff’s ability to determine the full nature and extent of the respondent’s conduct.” The MFDA says the hearing panel will issue its written reasons in due course.
