TORONTO, May 10 /CNW/ - The MFDA today announced that it has commenced
disciplinary proceedings in respect of Gregory Dickson (the
MFDA staff alleges in its Notice of Hearing that the Respondent engaged
in the following conduct contrary to the By-laws, Rules or Policies of
Allegation #1: Between May 2007 and November 2008, the Respondent allowed James
Dennis ("Dennis"), a registered advisor with an Investment Industry
Regulatory Organization of Canada ("IIROC") investment dealer, to
engage in advising and trading activity for the account and through the
facilities of the Member by using the Respondent's representative code
to open new accounts at the Member and trade in those accounts for
approximately 30 clients, thereby engaging in business conduct contrary
to MFDA Rules 2.2.1 and 2.1.1.
Allegation #2: Between May 2007 and November 2008, the Respondent had a referral
arrangement with Dennis whereby the Respondent agreed to pay Dennis
substantially all of the sales commissions earned by the Respondent
from trading activity in the accounts of clients referred to him by
Dennis, contrary to MFDA Rules 2.4.2, 2.1.4 and 2.1.1.
Allegation #3: Between May 2007 and November 2008, the Respondent failed to comply
with the Member's policies and procedures with respect to clients using
borrowed monies to invest, contrary to MFDA Rules 1.1.2 and 2.5.1, and
MFDA Rule 2.1.1.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Central Regional Council on June
16, 2011 at 10:00 a.m. (Eastern) in the hearing room located in the
MFDA offices at 121 King Street West, Suite 1000, Toronto, Ontario. The
purpose of the first appearance is to schedule a date for the
commencement of the hearing on the 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 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
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