TORONTO, Nov. 1, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Mary Dee Happy Iturralde (the "Respondent"). In its Notice of Hearing dated October 12, 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: In about May 2013, the Respondent accepted a $20,000 bank draft from a client payable to the Respondent personally, and deposited the monies into the Respondent's bank account, in order to facilitate the client's investment in a discount travel ticket business, thereby engaging in conduct giving rise to a conflict or potential conflict of interest which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4, 2.4.2, 2.5.1, 1.1.2, and 2.1.1.
Allegation #2: Between December 2011 and April 2014, the Respondent authorized and/or permitted an individual to use the Respondent's personal bank accounts and credit cards to operate a discount travel ticket business which was subsequently determined to be fraudulent, thereby engaging in conduct or practice which is unbecoming or detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #3: In September 2015, the Respondent misled MFDA Staff about authorizing and/or permitting an individual to use one of the Respondent's personal credit cards to operate a discount travel ticket business, which was subsequently determined to be fraudulent, contrary to MFDA Rule 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 December 5, 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 Toronto, 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, firstname.lastname@example.org