MFDA issues Notice of Hearing regarding Douglas Bryan Ruemper

TORONTO, Jan. 21 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has commenced disciplinary proceedings against Douglas Bryan Ruemper (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 1: Between April 27, 2005 and October 1, 2007, the Respondent
    engaged in personal financial dealings with client WA by paying him
    $29,000 purportedly on account of investments made by client WA, thereby
    creating a conflict or potential conflict of interest between the
    Respondent and client WA which the Respondent failed to address by the
    exercise of responsible business judgment influenced only by the best
    interests of client WA, contrary to MFDA Rules 2.1.4 and 2.1.1.

    Allegation 2: Between April 27, 2005 and November 16, 2007, the
    Respondent failed to report to the Member complaints from client WA with
    respect to client WA's investment in an outside business activity and
    offered to pay client WA $10,000 to settle a client complaint without the
    prior written consent of the Member, contrary to MFDA Rule 1.2.5(b), MFDA
    Policy No. 3, MFDA Policy No. 6 and MFDA Rule 2.1.1.

    Allegation 3: Between April 2, 2004 and December 4, 2007, the Respondent
    had and continued in 12 gainful occupations that were not disclosed to
    and approved by the Member, contrary to MFDA Rules 1.2.1(d) and 2.1.1.

    Allegation 4: From December 1, 2004 to June 6, 2006, 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 selling
    or facilitating the sale of $105,000 of shares of two companies in which
    the Respondent had an interest to five clients, contrary to MFDA
    Rules 1.1.1 and 2.1.1.

    Allegation 5: By engaging in the conduct described in Allegation No. 4,
    the Respondent failed to ensure that a conflict or potential conflict of
    interest between his interests and those of the five clients were
    addressed by the exercise of responsible business judgment influenced
    only by the best interests of the clients, contrary to MFDA Rules 2.1.4
    and 2.1.1

    Allegation 6: Between April 2, 2004 and December 4, 2007, the Respondent
    failed to comply with the Member's policies and procedures by:

        a. providing a false response to the Member's Compliance Checklist on
           March 29, 2004 to enable him to commence acting as an Approved
           Person effective April 2, 2004; and

        b. thereafter engaging in the conduct described in Allegations No. 3,
           No. 4 and No. 5 in contravention of the Member's policies and
           procedures;

    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 Pacific Regional Council on February 25, 2010 at 10:00 a.m. (Pacific), or as soon thereafter as the appearance can be held, in the hearing room at the MFDA offices located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia.

The purpose of the first appearance is to schedule the date for the commencement of the hearing of this matter on its merits and to address any other procedural matters and will be open to the public, except as may be required for the protection of confidential matters.

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 141 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.

SOURCE Mutual Fund Dealers Association of Canada

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