TORONTO, March 24, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Craig Richard MacDonald (the "Respondent"). In its Notice of Hearing dated March 13, 2015, 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 July 23, 2012 and April 12, 2013, the Respondent falsified the signature of client KH on two New Account Application Forms, a redemption form, and a letter of direction, which documents he used to process transactions in client KH's account, thereby:
a) failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1; and
b) engaging in discretionary trading, contrary to MFDA Rule 2.3.1 and the terms of his registration as a dealing representative.
Allegation #2: In April 2013, the Respondent failed to comply with the Member's policies and procedures, and instructions he received from the Member's head office, regarding the requirements necessary to process a wire transfer request and protect against wire transfer fraud by third parties, contrary to MFDA Rules 1.1.2 and 2.5.1 and MFDA Rule 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on May 5, 2015 at 10:00 a.m. (Mountain), 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 take place in the hearing room at the MFDA offices, located at 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta, and will be open to the public, except as may be required for the protection of confidential matters. The Hearing on the Merits will take place in Winnipeg, Manitoba at a time and venue to be announced.
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 carried on business from a branch in Minnedosa, Manitoba.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 105 Members and their approximately 80,000 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, firstname.lastname@example.org; Mark Stott, Vice-President, Prairie Region, 403-215-8329, email@example.com