MFDA announces disciplinary proceeding in respect of Muchoki Simba

TORONTO, Nov. 28, 2011 /CNW/ - The Mutual Fund Dealers Association of Canada today announced that it has commenced disciplinary proceedings in respect of Muchoki Fungai Simba (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 February 14, 2006 and November 18, 2009, the Respondent engaged in personal financial dealings with client BS by borrowing a total of $49,000 from client BS, of which amount the Respondent failed to repay or otherwise account for $43,400, contrary to MFDA Rules 2.1.4 and 2.1.1.

Allegation #2: Commencing on or about November 20, 2009, the Respondent failed to return all client files and property of the Member and its affiliates to the Member, thereby:

(a)      failing to comply with MFDA Rules 1.1.2, 1.1.5(f) and 2.1.1
(b)      failing to comply with the Member's policies and procedures, contrary to MFDA Rules 1.1.2, 2.5.1 and 2.1.1; and
(c)      interfering with the Member's ability to comply with the requirements of MFDA Rule 5.1 to keep such books, records and documents as are necessary for the proper recording of its business transactions, financial affairs and the transactions it executes on behalf of others, contrary to MFDA Rules 1.1.2, 2.5.1 and 2.1.1.

Allegation #3: Commencing on or about September 24, 2010, the Respondent failed to provide information and produce documentation requested by Staff of the MFDA during the course of an investigation, 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's Central Regional Council on December 7, 2011 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

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 130 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

For further information:

Shaun Devlin
Vice-President, Enforcement
416-943-4672 or


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.