TORONTO, Feb. 26, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of David Bruce Emery (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated June 17, 2014.
The hearing of this matter on its merits was held today in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council.
After hearing submissions from the parties, the Hearing Panel found that the following allegation concerning the Respondent had been established:
Allegation #1: Between June 22, 2010 and October 5, 2011, the Respondent referred eight (8) individuals, at least three (3) of whom were clients, to a company that sold mortgage investment products and received at least $16,750 in referral fees for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with sections 13.7 and 13.8 of National Instrument 31-103.
The Hearing Panel reserved on the issue of penalty and advised that it will issue its decision and written reasons in due course.
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 carried on business in the Arthur, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 107 Members and their approximately 80,000 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, firstname.lastname@example.org