TORONTO, Dec. 18, 2012 /CNW/ - The MFDA today announced that it has
commenced disciplinary proceedings in respect of Omar Hayat (the
"Respondent"). MFDA staff alleges in its Notice of Hearing that the
Respondent engaged in the following conduct contrary the By-laws, Rules
or Policies of the MFDA:
Allegation #1: Between June 2006 and May 2010, the Respondent engaged in conduct
unbecoming an Approved Person by falsifying the signatures of at least
six clients on account documents, contrary to MFDA Rule 2.1.1.
Allegation #2: On or about July 19, 2010, the Respondent paid compensation directly
to client FH without obtaining the prior written consent of the Member,
contrary to MFDA Policy No. 3.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Central Regional Council on
February 12, 2013 at 10:00 a.m. (Eastern) in the MFDA hearing room
located at 121 King Street West, Suite 1000, Toronto, Ontario. The
purpose of the appearance is to set a date for the hearing of this
matter on its merits and to address any other procedural matters and
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 117 Members and their approximately 80,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
416-943-4672 or email@example.com