MFDA issues Notice of Hearing regarding David W. Irwin



    TORONTO, June 2 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against David William John Irwin (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
MFDA:

    
    Allegation No. 1: In or about June 2004, the Respondent engaged in
    securities related business that was not carried on for the account of
    the Member and through the facilities of the Member by recommending,
    selling or facilitating the sale of Lighthouse Pointe Limited Partnership
    units ("Lighthouse LPs") to 24 clients, contrary to MFDA Rule 1.1.1.

    Allegation No. 2: In or about June 2004, the Respondent engaged in
    another gainful occupation, which was not properly disclosed to and
    approved by the Member, by recommending, selling or facilitating the sale
    of Lighthouse LPs to 24 clients, contrary to MFDA Rule 1.2.1(d).

    Allegation No. 3: In or about June 2004, the Respondent recommended, sold
    or facilitated the sale of Lighthouse LPs to 24 clients without ensuring
    that:

        (a) the clients qualified as accredited investors in accordance with
            Ontario Securities Commission Rule 45-501 and subsequently
            National Instrument 45-106, thereby engaging the jurisdiction of
            the Hearing Panel to impose a penalty on the Respondent pursuant
            to s. 24.1.1(h) of MFDA By-law No. 1; and

        (b) the investments were suitable for the clients and in keeping with
            their investment objectives, contrary to MFDA Rule 2.2.1.

    Allegation No. 4: Between June 2004 and September 2005, the Respondent
    failed to comply with the Member's policies and procedures with respect
    to securities related business, referral arrangements and the disclosure
    and approval of outside business activities, contrary to MFDA Rules 1.1.2
    and 2.5.1, and MFDA Rule 2.1.1.
    

    The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Central Regional Council in the Hearing
Room located at the offices of the MFDA, 121 King Street West, Suite 1000,
Toronto, Ontario on September 2, 2009 at 10:00 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
matters. 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
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 149 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 sdevlin@mfda.ca


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890