TORONTO, Dec. 3, 2013 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced
that it has commenced disciplinary proceedings in respect of Penny
Diann Deming (the "Respondent"). MFDA staff alleges in its Notice of
Hearing that the Respondent engaged in the following conduct contrary
the By-laws, Rules or Policies of the MFDA:
Allegation #1: Between May and August 2010, the Respondent engaged in securities
related business that was not carried on for the account and through
the facilities of the Member by selling 240 shares in a company she
owned to AW and MM at a total price of $100,000, contrary to MFDA Rules
1.1.1(a) and 2.1.1.
Allegation #2: Between May and August 2010, the Respondent had and continued in another
gainful occupation which she did not disclose to the Member by selling
240 shares in a company she owned to AW and MM at a total price of
$100,000, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
Allegation #3: Between August 2010 and November 2011, the Respondent engaged in
personal financial dealings with client MM by selling MM 120 shares in
the Respondent's company at a price of $50,000 contemporaneously with
MM becoming a client of the Member, thereby giving rise to a conflict
or potential conflict of interest which the Respondent failed to
address by the exercise of responsible business judgment influenced
only by the best interests of client MM, contrary to MFDA Rules 2.1.4
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Pacific Regional Council on
January 21, 2014 at 10:00 a.m. (Pacific) in the MFDA hearing room
located at 650 West Georgia Street, Suite 1220, Vancouver, British
Columbia. The purpose of the appearance is to set a date for the
hearing of this matter on its merits and 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. During the period described in the Notice of Hearing, the Respondent
carried on business in White Rock, British Columbia.
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business
conduct of its 113 Members and their approximately 80,000 Approved
Persons with a mandate to protect investors and the public interest.
For more information about the MFDA's complaint and enforcement
processes, as well as links to 'Check an Advisor' and other Investor
Tools, visit the For Investors page on the MFDA website.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement
Vice-President, Pacific Region