TORONTO, April 25 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against Robert Leer.
MFDA staff alleges in its Notice of Hearing that Mr. Leer engaged in the
following conduct contrary to the By-laws, Rules or Policies of the MFDA:
Allegation No. 1: Between October 2003 and February 2004, the Respondent
engaged in securities related business not for the account of the Member
and outside the facilities of the Member by depositing securities owned
or controlled by client WS in the Respondent's personal trading account
and then selling the securities on behalf of WS, contrary the MFDA Rules
1.1.1 and 2.1.1;
Allegation No. 2: Between October 2003 and February 2004, the Respondent
realized a personal financial gain from the sale of WS's securities by
remitting to WS less than the full proceeds to which WS was entitled from
the sale of the securities, thereby placing his personal interests above
those of WS, contrary to MFDA Rules 2.1.4 and 2.1.1;
Allegation No. 3: Between October 2003 and February 2004, the Respondent
engaged in securities related business for which he was not registered or
licensed by trading WS's securities on his behalf, contrary to MFDA
Rule 1.1.5(a); and
Allegation No. 4: Between January 2004 and February 2004, the Respondent
entered into a settlement agreement with WS without advising or obtaining
prior written consent from the Member, contrary to MFDA Policy No. 3.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the Pacific Regional Council of the MFDA in the
Hearing Room located at the offices of the MFDA at 650 West Georgia Street,
Suite 1220, Vancouver, B.C. on Wednesday, May 30, 2007 at 10:00 a.m.
(Vancouver) or as soon thereafter as 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
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 164 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