MFDA Hearing Panel makes findings and issues Decision and Reasons in the matter of Deborah Bartolini

TORONTO, May 26, 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 ("Decision and Reasons") in connection with a disciplinary hearing held in Toronto, Ontario on May 12, 2016, in the matter of Deborah (Debbie) Louise Bartolini (the "Respondent").

Prior to the hearing, the parties filed an Agreed Statement of Facts (the "Agreed Statement of Facts") in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which she could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1. In particular, the Respondent admitted that:

(a) 

by performing an unauthorized redemption in the account of client GS, she engaged in unauthorized discretionary trading, contrary to MFDA Rules 2.3.1(a) and 2.1.1. By making an unauthorized withdrawal of monies from the account of client GS and depositing the proceeds in a joint bank account of her family members, she engaged in theft and failed to deal fairly, honestly and in good faith with client GS, contrary to the Member's Code of Conduct and MFDA Rules 2.5.1, 1.1.2 and 2.1.1;



(b) 

by borrowing monies from clients JF and BF, she engaged in personal financial dealings with clients JF and BF, which gave rise to a conflict of interest between the Respondent and clients JF and BF which the Respondent failed to disclose to the Member and failed to ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the clients, and failed to deal fairly, honestly and in good faith with the clients, contrary to the Member's Code of Conduct and MFDA Rules 2.1.4, 2.5.1, 1.1.2, and 2.1.1; and



(c) 

by soliciting a personal loan from client EC, she engaged in conduct which gave rise to a conflict or potential conflict of interest between the Respondent and client EC which the Respondent failed to disclose to the Member and failed to ensure was addressed by the exercise of responsible judgment influenced only by the best interests of the client, and failed to deal fairly, honestly and in good faith with the client, contrary to the Member's Code of Conduct and MFDA Rules 2.1.4, 2.5.1, 1.1.2, and 2.1.1.

In the Decision and Reasons dated May 24, 2016, the Hearing Panel imposed the following sanctions on the Respondent:

  • a permanent prohibition to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member;
  • a fine in the amount of $50,000; and
  • costs in the amount of $5,000.

Copies of the Decision and Reasons and the Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons, the Respondent carried on business in Welland, 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, ctoth@mfda.ca

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