MFDA issues Notice of Hearing regarding Mark Kricievski



    TORONTO, June 22 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against Mark Kricievski (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:
    ----------------
    Between June 3, 2004 and January 2005, the Respondent contravened the
    Member's written direction, dated June 3, 2004, and subsequent oral
    direction that he refrain from selling, referring or facilitating the
    sale of investment products offered by Portus Alternative Asset
    Management Inc. ("Portus") to clients, contrary to MFDA Rules 1.1.2 and
    2.5.1, and MFDA Rule 2.1.1.

    Allegation No.2:
    ----------------
    Between April 2004 and January 2005, 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, referring or
    facilitating the sale of approximately $1.8 million of Portus investment
    products to 44 clients, contrary to MFDA Rules 1.1.1(a) and 2.1.1.

    Allegation No.3:
    ----------------
    Between October 2004 and January 2005, the Respondent sent communications
    to clients which:

        (a) contained untrue and misleading statements about the Portus
            investment products, contrary to MFDA Rules 2.7.2(a) and
            2.8.2(a);

        (b) included unjustified promises of specific results and made
            unwarranted claims in relation to the Portus investment
            products, contrary to MFDA Rules 2.7.2(b) and 2.8.2(b);

        (c) contained an opinion or forecast of the future performance of
            the stock market which was not clearly labeled as such,
            contrary to MFDA Rule 2.7.2(d);

        (d) failed to fairly present the potential risks to clients of
            investing in Portus investment products, contrary to MFDA
            Rules 2.7.2(e) and 2.8.2(b);

        (e) were detrimental to the interests of clients because they
            recommended the purchase of an investment, being the Portus
            investment products, that had not been approved for sale by
            the Member, contrary to MFDA Rules 2.7.2(f) and 2.8.2(c); and

        (f) had not been approved by an individual designated by the
            Member as being responsible for sales communications prior to
            the Respondent sending the communications to the clients,
            contrary to MFDA Rule 2.7.3.
    

    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 July 27, 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 147 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


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