TORONTO, Oct. 17, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Ayokunnu Are (the "Respondent"). MFDA staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary the By-laws, Rules or Policies of the MFDA:
Allegation #1: Between about August 2005 and January 2008, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by recommending, selling, facilitating the sale of, or making referrals in respect of the sale of at least $3.2 million of promissory notes to at least 10 clients and 20 other individuals outside the Member, contrary to MFDA Rules 1.1.1, 2.4.2 and 2.1.1.
Allegation #2: Between about August 2005 and January 2008, the Respondent had and continued in another gainful occupation which was not disclosed to and approved by the Member by recommending, selling, facilitating the sale of, or making referrals in respect of the sale of at least $3.2 million of promissory notes to at least 10 clients and 20 other individuals outside the Member, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
Allegation #3: Commencing in May 2011, the Respondent failed to cooperate with an investigation conducted by MFDA Staff, when he refused to provide documents and other information requested by MFDA Staff, contrary to section 22.1 of MFDA By-law No. 1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on December 4, 2012 at 10:00 a.m. (Eastern) in the hearing room located at the MFDA offices, 121 King Street West, Suite 1000, Toronto, Ontario. The purpose of the appearance is to set a date for the hearing of this matter 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.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 120 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
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