TORONTO, July 16 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against Kerry Scharfenberg.
MFDA staff alleges in its Notice of Hearing that Kerry Scharfenberg
engaged in the following conduct contrary to the By-laws, Rules or Policies of
Allegation No.1: Between February 8, 2002 and August 2006, the Respondent
misappropriated approximately $332,155 from six clients, thereby failing
to deal fairly, honestly and in good faith with the clients, contrary to
MFDA Rule 2.1.1.
Allegation No.2: Between February 8, 2002 and August 2006, the Respondent
processed transactions in the accounts of clients without their
instructions, knowledge or authorization, 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 Prairie Regional Council in the Hearing
Room located at 800 - 6th Avenue SW, Suite 850, Calgary, Alberta on Friday,
September 19, 2008 at 10:00 a.m. (Alberta) or as soon thereafter as can be
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 Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations, standards of practice and business conduct of its 158 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