MFDA announces disciplinary proceeding in respect of Investia Financial Services Inc.

TORONTO, Feb. 15, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Investia Financial Services Inc. (the "Respondent"). In its Notice of Hearing dated December 16, 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 July 2011 and June 2012, the Respondent failed to adequately supervise the outside business activities of its Approved Person, Bemelekot Tewahade, contrary to MFDA Rules 1.2.1(d) (now MFDA Rule 1.3), 2.4.2, 2.5, 2.9 and 2.10.

Allegation #2: Between May and July 23, 2012, the Respondent failed to adequately supervise the outside business activities of its Approved Person, Russell Chang, contrary to MFDA Rules 1.1.1, 1.2.1(d) (now MFDA Rule 1.3), 2.4.2, 2.5, 2.9 and 2.10.

Allegation #3: Between 2006 and June 2014, the Respondent failed to adequately supervise the outside business activities of its Approved Person, ST, contrary to MFDA Rules 1.2.1(d) (now MFDA Rule 1.3), 2.4.2, 2.5, 2.9 and 2.10.

Allegation #4: Between November 2003 and September 2013, the Respondent failed to adequately supervise the outside business activities of its Approved Person, Charles Albert Martin, which included failing to conduct adequate due diligence to ensure that the Approved Person did not accept remuneration from clients for Member business that was payable to the Member only, contrary to MFDA Rules 1.2.1(d) (now MFDA Rule 1.3), 2.4.1(a), 2.5, and 2.9.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on March 14, 2017 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.

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, ctoth@mfda.ca

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http://www.mfda.ca

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