TORONTO, June 2, 2011 /CNW/ - The MFDA commenced a disciplinary proceeding in respect of Mark Lindsay
by Notice of Hearing dated February 23, 2011.
After hearing submissions from Staff of the MFDA, the Hearing Panel
found that the following allegations in the Notice of Hearing had been
Allegation #1: Between approximately October 2007 and December 2008, the Respondent
failed to deal fairly, honestly and in good faith with clients KV, LL,
M and ML, DG, AL, JJ, DD, PE and SE, TD and JW, FM and PH, HH and AC
and SV by forging their signatures on documentation, misleading them
about the source of money he gave to them and the use that he made of
money received from them, and misappropriating more than $300,000 from
them, which he has failed to repay or otherwise account for, contrary
to MFDA Rule 2.1.1.
Allegation #2: Between January 2007 and December 2008, the Respondent engaged in
unauthorized trading in the accounts of, and processed unauthorized
loan applications for, clients KV, LL, M and ML, DD, DG, AL, FM and PH,
TD and JW, P and SE, and JJ, without obtaining instructions,
authorization or approval from the clients, contrary to MFDA Rules
2.1.1 and 2.3.1
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:
The Respondent is permanently prohibited from conducting securities
related business in any capacity while in the employ of or associated
with any Member of the MFDA;
The Respondent shall pay a fine in the amount of $500,000; and
The Respondent shall pay costs to the MFDA in the amount of $10,000.
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 133 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
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