MFDA issues Notice of Hearing regarding Carmel Toussaint

TORONTO, Jan. 11 /CNW/ - The Mutual Fund Dealers Association of Canada today announced that it has commenced disciplinary proceedings against Carmel Toussaint (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 January 2008 and January 2010, the Respondent borrowed a total of $20,000 from clients LM and LJ, which he failed to repay in full, thereby:
    (a)     placing his personal interests above those of the clients and giving rise to a conflict of interest that he failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rule 2.1.4;
    (b)     failing to deal fairly, honestly and in good faith with the clients and engaging in business conduct that was unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1; and
    (c)     failing to comply with the policies and procedures of the Member by failing to disclose to the Member his personal financial dealings with the clients, thereby interfering with the ability of the Member to supervise his activities, contrary to MFDA Rules 1.1.2 and 2.5.1

The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on February 3, 2011 at 10:00 a.m. (Eastern) in the 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 136 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


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