TORONTO, Oct. 22, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings
in respect of Lloyd A. Snyder (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 2005 and 2007, the Respondent misrepresented, or failed to fully
and adequately explain the risks, benefits, material assumptions,
features and costs of the leveraged investment recommendations that he
implemented in the accounts of at least 15 clients, thereby failing to
ensure that the leveraged investment recommendations were suitable and
appropriate for the clients and in keeping with their investment
objectives, contrary to MFDA Rules 2.2.1 and 2.1.1.
Allegation #2: Between 2005 and 2007, the Respondent failed to ensure that the
leveraged investment recommendations that he implemented in the
accounts of at least 15 clients were suitable and appropriate for the
clients and in keeping with their investment objectives, having regard
to the clients' relevant "Know-Your-Client" factors including, but not
limited to, the clients' ability to afford the costs associated with
the investment loans, their ability to withstand investment losses, and
their risk tolerance, contrary to MFDA Rules 2.2.1 and 2.1.1.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Atlantic Regional Council on
November 25, 2013 at 10:00 a.m. (Atlantic). The purpose of the first
appearance is to schedule a date for the hearing of this matter on its
merits and 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 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:
Managing Director, Enforcement