TORONTO, Feb. 8, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Ernest Victor Romain (the "Respondent"). In its Notice of Hearing dated January 21, 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 May 2014 and September 2014, the Respondent obtained and maintained 134 pre-signed account forms in respect of 85 clients, contrary to MFDA Rule 2.1.1.
Allegation #2: On August 8, 2015, the Respondent engaged in unauthorized discretionary trading by processing five (5) withdrawals in respect of seven (7) clients without obtaining client instructions, contrary to MFDA Rules 2.3.1(a) and 2.1.1.
Allegation #3: On August 8, 2015, the Respondent misled the Member by falsely representing to the Member that he obtained client instructions to process five (5) withdrawals in respect of seven (7) clients, thereby interfering with the Member's ability to supervise the Respondent's trading activity and engaging in conduct unbecoming an Approved Person, contrary to MFDA Rules 1.1.2, 2.5.1 and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on March 31, 2016 at 9:30 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The 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 carried on business in the Burlington, Ontario, area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 99 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