TORONTO, June 22 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings against Meiz Mohammed Majdoub (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 January 2005 and September 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 or facilitating the sale of approximately $840,000 of units in investment products that were not approved for sale by the Member to 19 individuals, contrary to (a) MFDA Rules 1.1.1 and 2.1.1; and (b) the policies and procedures of the Member and MFDA Rules 1.1.2 and 2.5.1.
Allegation No.2: Between December 2004 and January 2006, the Respondent engaged in a dual occupation which was not disclosed to and approved by the Member or securities regulators by operating companies to raise capital and provide sales and administrative support for a capital raising entity, contrary to (a) MFDA Rules 1.2.1(d) and 2.1.1; and (b) the policies and procedures of the Member and MFDA Rules 1.1.2 and 2.5.1.
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 August 24, 2010 at 10:00 a.m. (Eastern).
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 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 139 Members and their approximately 73,000 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