TORONTO, Oct. 28, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings
in respect of Robert Laurie Bowness (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 September 2004 and March 2012, the Respondent obtained and
maintained 68 pre-signed account forms for 26 clients and used
pre-signed forms to process transactions in at least five client
accounts, contrary to MFDA Rule 2.1.1.
Allegation #2: Between May 4, 2011 and May 20, 2011, the Respondent engaged in
client-authorized discretionary trading by processing eight redemptions
in the amount of $4,900 each in the account of client RT by
photocopying one blank redemption form pre-signed by client RT and
using the copies to process the redemptions without obtaining
instructions from the client as to the selection of the mutual fund(s)
to be redeemed, contrary to MFDA Rule 2.3.1.
Allegation #3: Between 2009 and October 2011, the Respondent falsified the signatures
of six clients on a total of 16 account forms used to process
transactions in the clients' accounts, contrary to MFDA Rule 2.1.1.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Atlantic Regional Council on
November 27, 2013 at 10:00 a.m. (Atlantic). The purpose of the first
appearance is to schedule a date for the hearing of this matter on its
merits and 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 115 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:
Managing Director, Enforcement