TORONTO, Feb. 8, 2012 /CNW/ - The Mutual Fund Dealers Association of
Canada today announced that it has commenced disciplinary proceedings
in respect of Jose Luis Bautista (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 #1: Between October 30, 2006 and December 17, 2009, the Respondent had and
continued in at least four gainful occupations that were not disclosed
to or approved by the Member, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
Allegation #2: Between October 30, 2006 and December 17, 2009, the Respondent engaged
in securities related business that was not carried on for the account
and through the facilities of the Member by selling or facilitating the
sale of investments in the total amount of approximately $500,000 in a
company outside the accounts and facilities of the Member, contrary to
MFDA Rules 1.1.1(a) and 2.1.1.
Allegation #3: Between October 30, 2006 to December 17, 2009, the Respondent engaged
in personal financial dealings with clients, thereby creating a
conflict or potential conflict of interest between the Respondent's
interests and the clients' interests which the Respondent did not
ensure was addressed by the exercise of responsible business judgment
influenced only by the best interests of the clients, contrary to MFDA
Rules 2.1.4 and 2.1.1
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Central Regional Council on
February 24, 2012 at 10:00 a.m. (Eastern) in the MFDA Hearing Room
located at 121 King Street West, Suite 1000, Toronto, Ontario.
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, and 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 125 Members and their approximately 75,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
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