TORONTO, Nov. 5, 2013 /CNW/ - The MFDA today announced that it has
commenced disciplinary proceedings in respect of Bruce Ian Mawer (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: Between 2006 and 2007, the Respondent engaged in personal financial
dealings with four clients of the Member by soliciting and accepting
monies from them in the total amount of $103,000, which monies he
pooled with monies obtained from four insurance-only clients, his
partner SS and his own monies, for the purposes of purchasing
investment properties, contrary to MFDA Rules 2.1.4 and 2.1.1.
Allegation #2: Between 2006 and 2007, the Respondent had and continued in another
gainful occupation that was not disclosed to and approved by the Member
by soliciting and accepting monies in the total amount of $240,000 from
four clients of the Member and four insurance-only clients, which
monies he pooled together with monies obtained from his partner SS and
his own monies, for the purposes of purchasing investment properties,
contrary to MFDA Rules 1.2.1(d) and 2.1.1.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Prairie Regional Council on
December 17, 2013 at 10:00 a.m. (Mountain) in the MFDA hearing room
located at 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta. 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. During the period described in the Notice of Hearing, the Respondent
carried on business in Edmonton, Alberta.
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.
For more information about the MFDA's complaint and enforcement
processes, as well as links to 'Check an Advisor' and other Investor
Tools, visit the For Investors page on the MFDA website.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement
Vice-President, Prairie Region