TORONTO, July 25, 2012 /CNW/ - A disciplinary hearing in the matter of Lorne Michael Piett (the
"Respondent") was held yesterday in Regina, Saskatchewan before a
three-person Hearing Panel of the MFDA's Prairie Regional Council.
After hearing the submissions of MFDA Staff and the Respondent, the
Hearing Panel found that the Respondent had engaged in the following
Between November 2008 and April 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, recommending or
facilitating the sale of 3 investment products to at least 10 clients
outside of the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
Between February 2009 and April 2009, the Respondent engaged in conduct
unbecoming an Approved Person by failing to respond fully or accurately
to inquiries from the Member and by omitting relevant information in
his responses to the Member during the course of the Member's
investigation, contrary to MFDA Rule 2.1.1.
The Hearing Panel reserved its decision with respect to penalty and
advised that it will issue its decision on penalty and written reasons
in due course.
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 121 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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