MFDA Hearing Panel makes findings against Stephen Arnold Smith

TORONTO, Feb. 9 /CNW/ - A disciplinary hearing in the matter of Stephen Arnold Smith was held yesterday in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council.

Prior to hearing MFDA Staff's submissions on the merits, the Hearing Panel granted a motion by Staff to amend the Notice of Hearing. A copy of the Amended Notice of Hearing is available on the MFDA website at www.mfda.ca. Staff then advised that Allegations #1, #3 and #4 were being withdrawn and the Hearing Panel proceeded to hear submissions with respect to Allegations #2 and #5.

The Hearing Panel found that Allegations #2 and #5 in the Amended Notice of Hearing, set out below, had been established:

Allegation #2: Between September 2004 and February 20, 2007, the Respondent failed to deal fairly, honestly and in good faith with former client WS by deliberately misleading WS about the status of his investment in the Respondent's company, Smith & Tomyak International Inc., contrary to MFDA Rule 2.1.1.

Allegation #5: Commencing on or about May 12, 2009, the Respondent has failed to produce for inspection copies of documents and records requested by the MFDA during the course of an investigation, contrary to section 22.1 of MFDA By-law No. 1.

The Hearing Panel reserved its decision with respect to penalty and advised that it will issue written reasons for its decision in due course.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 136 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


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