Dec. 12, 2012
/CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of
(the "Respondent"). MFDA staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary the By-laws, Rules or Policies of the MFDA:
January 28, 2008
, the Respondent engaged in personal financial dealings with client CD when he requested and received from client CD a series of loans totaling approximately
to pay personal expenses, thereby creating a conflict or potential of interest between the interests of the Respondent and the interests of client CD which the Respondent failed to ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of client, contrary to MFDA Rule 2.1.4 and MFDA Rule 2.1.1.
January 28, 2008
, the Respondent failed to comply with the policies and procedures of the Member regarding conflicts of interest with clients when he accepted a series of loans totaling approximately
from client CD to pay personal expenses, contrary to MFDA Rules 1.1.2 and 2.5.1, and MFDA Rule 2.1.1.
October 8, 2009
November 1, 2010
, the Respondent failed to report to the Member two consecutive criminal charges against him, one of which he pled guilty to and the other of which was subsequently withdrawn, contrary to section 4.1(d) of MFDA Policy # 6.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Atlantic Regional Council on
January 28, 2013
(Atlantic) in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will be open to the public, except as may be required for the protection of confidential matters.
A copy of the
Notice of Hearing
is available on the MFDA website at
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 117 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.