TORONTO, Sept. 6, 2012 /CNW/ - The MFDA today announced that it has
commenced disciplinary proceedings in respect of Paul Yoannou (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 at least February 2006 and July 11, 2011, the Respondent
misappropriated at least $7,221,398.97 from 40 clients and at least
$4,358,500 from 15 other individuals, thereby failing to deal fairly,
honestly and in good faith with the clients and engaging in a business
conduct or practice which was unbecoming or detrimental to the public
interest, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing on or about July 28, 2011, the Respondent has failed to
attend an interview to provide a statement and to produce documents and
records as requested by MFDA Staff during the course of an
investigation, contrary to section 22.1 of MFDA By-law No. 1.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Central Regional Council on
October 30, 2012 at 10:00 a.m. (Eastern) in the hearing room located at
the MFDA offices, 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 120 Members and their approximately 75,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
416-943-4672 or email@example.com