TORONTO, Sept. 10, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Blair Addison (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 August 2009 and March 2012, the Respondent engaged in personal financial dealings with client DH by recommending and facilitating an investment by client DH in the amount of $120,000 in a rental property owned by the Respondent by way of a second mortgage secured against the property, thereby creating a conflict or potential conflict of interest between the interests of the Respondent and the interests of client DH which the Respondent failed to ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1.
Allegation #2: Between at least March 30, 2011 and July 4, 2011, the Respondent failed to comply with his reporting obligations to the Member in respect of complaints made by client DH concerning his investment in the Respondent's rental property, contrary to MFDA Rule 1.2.2 and subsections 4.1(a) and (b)(v) of MFDA Policy No. 6.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on October 23, 2013 at 10:00 a.m. (Eastern) in the MFDA hearing room located at 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 115 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
For further information:
Managing Director, Enforcement