TORONTO, Feb. 20, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Allan Douglas Rombough ("Respondent"). In its Notice of Hearing dated January 19, 2018, 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: Between February 2009 and April 2014, the Respondent photocopied signature pages from Know-Your-Client forms that had been signed by clients and re-used the signature pages to complete 24 additional Know-Your-Client forms in respect of nine clients, contrary to MFDA Rule 2.1.1.
Allegation #2: Between April 2007 and February 2012, the Respondent obtained, possessed, and in four instances, submitted to the Member for processing, six pre-signed account forms in respect of four clients, contrary to MFDA Rule 2.1.1.
Allegation #3: Commencing in about September 2016, the Respondent failed to cooperate with MFDA Staff during the course of an investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on March 13, 2018 at 9:00 a.m. (Eastern), 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.
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 83,000 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: Charles Toth, Director, Litigation, 416-943-4619, email@example.com