TORONTO, July 17 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against Wayne Larson.
MFDA staff alleges in its Notice of Hearing that Wayne Larson engaged in
the following conduct contrary to the By-laws, Rules or Policies of the MFDA:
Allegation No.1: Between September 2005 and September 2006, the
Respondent facilitated investments in the amount of approximately
$1.76 million by seven clients in a company, Global Consulting
Corporation ("GCC"), which investments were not carried on for the
account of the Member or through the facilities of the Member,
contrary to MDFA Rules 1.1.1 and 2.1.1.
Allegation No.2: Between September 2005 and September 2006, the
Respondent directed, or permitted his clients to direct, redemption
proceeds from their accounts to his personal bank account or bank
accounts under his control, thereby engaging in personal financial
dealings with the clients, contrary to MFDA Rules 2.1.4 and 2.1.1.
Allegation No.3: Commencing June 7, 2007, the Respondent failed to
attend an interview at the offices of the MFDA for the purposes of
providing a statement concerning his termination by the Member,
contrary to section 22.1 of MFDA By-law No.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 12, 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 email@example.com