MFDA issues Notice of Hearing regarding Gideon Wiseman

TORONTO, April 11 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Gideon Stephen Mills Wiseman (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 August 2002 and July 14, 2006, the Respondent engaged in personal financial dealings with clients by:
 
  (a) selling, recommending or facilitating the sale of shares in a company, 575954 B.C. Ltd., also known as Granite Mountain Properties Ltd., in which he had a direct or indirect interest, which company was the developer of a real estate project known as the "88 Creekside Project" to at least clients JP, GC and TE; and;
  (b) borrowing $38,000 from client DD.
 
Allegation #2: Between July 2003 and July 14, 2006, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending or facilitating the sale of investment products to at least clients JP, GC, TE and RK outside the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
 
Allegation #3:  The Respondent interfered with the ability of the Member to conduct a reasonable supervisory investigation of the Respondent's activities and failed to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rules 1.1.2 and 2.5.1, and MFDA Rule 2.1.1, by making misleading statements to the Member, as follows:
 
  (a) in April 2003, by representing to the Member that he had never borrowed money from clients; and
  (b) in July 2006, by representing to the Member that his company, G. Wiseman & Associates Ltd., had not borrowed money from clients;
 
  when he knew those to be incorrect statements at the time and in the circumstances when he made them.
 
Allegation #4:  Commencing March 19, 2009, the Respondent has failed or refused to provide documents and information, and to attend an interview requested by the MFDA during the course of an investigation, contrary to s. 22.1 of MFDA By-law No. 1.

The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on May 4, 2011 at 10:00 a.m. (Pacific) in the hearing room located in the MFDA offices at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia. The purpose of the first appearance is to schedule a date for the commencement of the hearing on the 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 136 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:

Shaun Devlin
Vice-President, Enforcement
416-943-4672 or sdevlin@mfda.ca


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