TORONTO, Jan. 20 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against Barry James Raymer (the "Respondent").
MFDA staff alleges in its Notice of Hearing that the Respondent engaged
in the following conduct contrary to the By-laws, Rules or Policies of the
Allegation No. 1: Between April 2004 and September 12, 2006, the
---------------- Respondent failed to disclose to the Member a conflict
or potential conflict between his interests and those
of clients of the Member and failed to ensure that such
conflicts were addressed by the exercise of responsible
business judgment influenced only by the best interests
of the clients, contrary to MFDA Rule 2.1.4.
Allegation No. 2: Between October 5, 2004 and February 14, 2006, the
---------------- Respondent engaged in securities related business that
was not carried on for the account of the Member or
through the facilities of the Member by recommending
and facilitating investments by clients in Jewal
International Inc. ("Jewal") and Permanent Power
Solutions ("PPS"), contrary to MFDA Rules 1.1.1 and
Allegation No. 3: Between October 5, 2004 and February 14, 2006, the
---------------- Respondent referred clients to his spouse, ER, who was
not registered to advise or trade securities in Ontario
(or in any other jurisdiction), to carry out trades or
acts in furtherance of trades in the securities of
Jewal and PPS, thereby facilitating trading in
securities by an unregistered person, contrary to
Ontario securities law and MFDA Rule 2.1.1.
Allegation No. 4: Between October 5, 2004 and February 14, 2006, the
---------------- Respondent had and continued in another gainful
occupation that was not disclosed to or approved by the
Member by recommending and facilitating loans by
clients to Jewal and PPS through ER, contrary to MFDA
Rules 1.2.1(d) and 2.1.1.
Allegation No. 5: Between April 2004 and September 12, 2006, the
---------------- Respondent failed to comply with the policies and
procedures of the Member regarding conflicts of
interest, personal financial dealings with clients and
outside business activity, contrary to MFDA Rules 2.5.1
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA Central Regional Council in the Hearing
Room located at the offices of the MFDA, 121 King Street West, Suite 1000,
Toronto, Ontario on Friday, February 20, 2009 at 11:00 a.m. (Eastern) or as
soon thereafter as the appearance can be held.
The purpose of the first appearance is to schedule the date for the
commencement of the hearing on its merits and to address any other procedural
The first appearance is open to the public, except as may be required for
the protection of confidential matters. Members of the public attending the
first appearance will be able to listen to the proceeding by teleconference.
A copy of the Notice of Hearing is available on the MFDA website at
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers. The MFDA regulates the operations, standards of practice and business
conduct of its 153 Members and their approximately 75,000 Approved Persons
with a mandate to protect investors and the public interest.
For further information:
For further information: Shaun Devlin, Vice-President, Enforcement,
(416) 943-4672, or firstname.lastname@example.org