MFDA issues Notice of Settlement Hearing in respect of Richard Hefford

TORONTO, Nov. 14, 2011 /CNW/ - The MFDA today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Prairie Regional Council.

The settlement agreement will be between Staff of the MFDA and Richard Michael Hefford (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed agreement concerns allegations that the Respondent:

    a)      failed to observe high standards of ethics and engaged in business conduct or practice that was unbecoming an Approved Person by obtaining and possessing blank, pre-signed forms and by failing to comply with the branch manager's directions to destroy all pre-signed blank investment forms in client files and to thereafter cease obtaining them, contrary to MFDA Rule 2.1.1; and
       
    b)      entered into a referral arrangement with a portfolio management company that he did not disclose to the Member, contrary to MFDA Rules 1.1.1, 2.1.4 and 2.4.2.

The settlement hearing is scheduled to take place on November 15, 2011 at 10:00 a.m. (Central) in the hearing room located at the Fairmont Winnipeg, 2 Lombard Place, Winnipeg, Manitoba. The hearing will be open to the public, except as may be required for the protection of confidential matters. The settlement hearing replaces the hearing on the merits previously scheduled for the same date.

A copy of the Notice of Settlement 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 130 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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