TORONTO, March 23 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has commenced disciplinary proceedings against Gillian Ann Gibson-Sargeant (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 September and October 2007, the Respondent
processed three redemptions in two accounts without obtaining
instructions, authorization or approval from the clients and directed
the proceeds of the redemptions in the approximate amount of $10,000
into her own bank account, thereby misappropriating the monies and
failing to deal fairly, honestly and in good faith with the clients,
contrary to 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 on April 15, 2010 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 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 firstname.lastname@example.org