MFDA Hearing Panel makes findings against Mark Lindsay

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 established:

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

For further information:

Shaun Devlin
Vice-President, Enforcement
416-943-6472 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.