TORONTO, Nov. 1, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Anthony Paul Dorzek (the "Respondent"). In its Notice of Hearing dated September 19, 2016, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between 2010 and December 2014, the Respondent solicited and accepted approximately $20,000 from client DB for investment in a real estate business, which investment was not approved by the Member or processed through its facilities, thereby engaging in securities related business outside the Member, contrary to MFDA Rules 1.1.1 and 2.1.1.
Allegation #2: Between 2010 and December 2014, the Respondent engaged in personal financial dealings with client DB when he solicited and accepted approximately $20,000 from client DB for investment in a real estate business and co-mingled his own monies with the client's investment, thereby engaging in conduct giving rise to a conflict of interest which the Respondent failed to disclose and/or ensure was addressed by the exercise of responsible business judgment influenced only the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1.
Allegation #3: Commencing in September 2011, the Respondent misappropriated, or failed to account for, at least $10,000 of the monies that he solicited and accepted from client DB for investment in a real estate business, thereby failing to deal fairly, honestly and in good faith with client DB and to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rules 2.1.1 and 2.1.4.
Allegation #4: Commencing in or about May 2015, the Respondent failed to cooperate with MFDA Staff during the course of an investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on November 22, 2016 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance 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. During the period described in the Notice of Hearing, the Respondent conducted business in Oakville, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
For further information: Charles Toth, Director, Litigation, 416-943-4619, email@example.com