TORONTO, Nov. 14, 2011 /CNW/ - The MFDA today announced that it has
issued a Notice of Settlement Hearing regarding the presentation,
review and consideration of a proposed settlement agreement by a
Hearing Panel of the MFDA's Prairie Regional Council.
The settlement agreement will be between Staff of the MFDA and Richard
Michael Hefford (the "Respondent") and involves matters for which the
Respondent may be disciplined by a Hearing Panel pursuant to MFDA
By-laws. The proposed agreement concerns allegations that the
failed to observe high standards of ethics and engaged in business
conduct or practice that was unbecoming an Approved Person by obtaining
and possessing blank, pre-signed forms and by failing to comply with
the branch manager's directions to destroy all pre-signed blank
investment forms in client files and to thereafter cease obtaining
them, contrary to MFDA Rule 2.1.1; and
entered into a referral arrangement with a portfolio management company
that he did not disclose to the Member, contrary to MFDA Rules 1.1.1,
2.1.4 and 2.4.2.
The settlement hearing is scheduled to take place on November 15, 2011
at 10:00 a.m. (Central) in the hearing room located at the Fairmont
Winnipeg, 2 Lombard Place, Winnipeg, Manitoba. The hearing will be open
to the public, except as may be required for the protection of
confidential matters. The settlement hearing replaces the hearing on
the merits previously scheduled for the same date.
A copy of the Notice of Settlement 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 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:
416-943-4672 or email@example.com