MFDA announces disciplinary proceeding in respect of Edmund Teelucksingh

TORONTO, Feb. 22, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Edmund Ancil Teelucksingh (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:

Allegation #1: The Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member:

a) between May 2008 and October 2008, by selling, recommending, referring or facilitating the sale of investments in ECI, an investment that was not approved for sale by the Member, to 44 clients and 15 other individuals;
   
b) between 2005 and 2008, by selling, recommending, referring or facilitating the sale of investments in DSC, an investment that was not approved for sale by the Member, to clients and other individuals;
   
c)  in 2006, by selling, recommending, referring or facilitating the sale of investments in LBC, an investment that was not approved for sale by the Member, to 19 clients and 27 other individuals; and
   
d) between September 2009 and December 2009, by selling, recommending, referring or facilitating the sale of investments in DPC, an investment that was not approved for sale by the Member, to 30 clients and 17 other individuals.

contrary to MFDA Rule 1.1.1(a), MFDA Rule 2.4.2 and MFDA Rule 2.1.1.

Allegation #2: The Respondent had and continued in another gainful occupation that was not disclosed to and approved by the Member:

a) between May 2008 and October 2008, by selling, recommending, referring or facilitating the sale of investments in ECI to 44 clients and 15 other individuals;
   
b) between 2005 and 2008, by selling, recommending, referring or facilitating the sale of investments in DSC to clients and other individuals;
   
c) in 2006, by selling, recommending, referring or facilitating the sale of investments in LBC to 19 clients and 27 other individuals; and
   
d) between September 2009 and December 2009, by selling, recommending, referring or facilitating the sale of investments in DPC to 30 clients and 17 other individuals.

contrary to MFDA Rule 1.2.1(d) and MFDA Rule 2.1.1

Allegation #3: Between 2005 and December 2009, the Respondent referred clients and individuals to DSC, a company that sold investment related products, services and programs and received at least $63,000 in referral fees from DSC for doing so, thereby participating in a referral arrangement to which GP Wealth was not a party and which did not otherwise comply with MFDA requirements, contrary to MFDA Rule 2.4.2 and MFDA Rule 2.1.1

The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on March 28, 2013 at 10:00 a.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The purpose of the appearance is to set a date for the hearing of this matter on its merits and to address any other procedural matters and 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 www.mfda.ca.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.


SOURCE: Mutual Fund Dealers Association of Canada

For further information:

Shaun Devlin
Vice-President, Enforcement
416-943-4672 or sdevlin@mfda.ca