MFDA Hearing Panel makes findings against Douglas Wellings

TORONTO, Sept. 27, 2011 /CNW/ - A disciplinary hearing in the matter of Douglas Wellings was held today in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel found that all the allegations set out in the Notice of Hearing dated June 27, 2011 had been established:

  Allegation #1: Commencing March 8, 2002, the Respondent continued to engage in personal financial dealings with client MF by failing to repay or otherwise account for approximately $35,000 the Respondent had borrowed from client MF in July 1997, contrary to MFDA Rules 2.1.4 and 2.1.1.
   
  Allegation #2: In January 2009, the Respondent failed to deal fairly, honestly and in good faith with client MF when he attempted to misappropriate $98,897.67 from client MF by selling her an annuity that he knew did not exist, contrary to MFDA Rule 2.1.1.
   
  Allegation #3: Commencing in November 2009, the Respondent has failed to comply with requests by the MFDA to attend at the offices of the MFDA to give information about the matters under investigation, contrary to MFDA Rule 22.1 of MFDA By-law No. 1.

The Hearing Panel made the following orders at the conclusion of the hearing and advised that it would issue written reasons for its decision in due course:

  • a permanent prohibition on the authority of the Respondent to conduct securities related business while in the employ of or associated with any Member of the MFDA;
  • a fine in the amount of $235,000; and
  • costs in the amount of $7,500.

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 132 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:

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


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.