TORONTO, May 6, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Raymond John Zamrykut ("Respondent"). In its Notice of Hearing dated April 22, 2019, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: In May 2014, the Respondent borrowed a total of $3,100 from two clients, thereby engaging in conduct giving rise to a conflict or potential conflict of interest which the Respondent failed to disclose to the Member, or failed to address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the Member's policies and procedures of the Member and MFDA Rules 1.1.2, 2.1.4, 2.1.1, and 2.5.1.
Allegation #2: Between October 2016 and January 2018, the Respondent failed to report to the Member an outstanding garnishment order against the Respondent, contrary to the policies and procedures of the Member, subsection 4.1(h) of MFDA Policy No. 6, and MFDA Rules 1.1.2, 2.1.1 and 2.5.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on June 27, 2019 at 10:00 a.m. (Mountain), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact firstname.lastname@example.org to obtain particulars. The Hearing on the Merits will take place in Winnipeg, Manitoba at a time and venue to be announced.
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 conducted business in the Winnipeg, Manitoba area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 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
Renseignements: Charles Toth, Managing Director, Litigation, 416-943-4619, email@example.com; Mark Stott, Vice-President, Prairie Region, 403-215-8329, firstname.lastname@example.org