TORONTO, Jan. 14, 2016 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons (Misconduct) in connection with a disciplinary hearing held in Toronto, Ontario on October 19, 2015 in the matter of Bemelekot Tewahade (the "Respondent").
In its Decision and Reasons (Misconduct), dated January 13, 2016, the Hearing Panel found that the two (2) allegations made against the Respondent in the Notice of Hearing dated January 20, 2015, had been established, namely:
- between May 6, 2005 and June 18, 2012, he had and continued in another gainful occupation that was not disclosed to and approved by the Member by carrying on business as a registered representative of two FINRA Member firms in succession, contrary to MFDA Rules 1.2.1(c) and 2.1.1.
- between May 6, 2005 and June 18, 2012, he failed to comply with the policies and procedures of the Member by:
(a) failing to provide his correct permanent residential address to the Member; and
(b) engaging in outside business activities which were not disclosed to and approved by the Member;
thereby interfering with the ability of the Member to supervise the Respondent, contrary to MFDA Rules 1.1.2 and 2.5.1 and MFDA Rule 2.1.1.
Submissions with respect to penalty will take place on a date to be determined and announced accordingly.
A copy of the Decision and Reasons (Misconduct) is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Misconduct), the Respondent carried on business in the Greater Toronto Area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 101 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