MFDA issues Notice of Hearing regarding Gregory Dickson

TORONTO, May 10 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Gregory Dickson (the "Respondent").

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 the MFDA:

    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

For further information:

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


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