TORONTO, Dec. 28, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Bradley Gerard Crompton (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 May 2007 and August 2007, the Respondent (a) facilitated a stealth advising arrangement whereby non-registered persons engaged in securities related business with clients on behalf of the Member, contrary to MFDA Rules 1.1.1(c) and 2.1.1; and (b) failed to perform the necessary due diligence to learn the essential facts relative to the clients to ensure that the investments and the leveraged investment strategy recommended to and implemented in the accounts of the clients was suitable for the clients and in keeping with the clients' investment objectives, contrary to MFDA Rules 2.2.1 and 2.1.1.
Allegation #2: Commencing September 2010, the Respondent has failed to attend an interview requested by MFDA Staff during the course of an investigation, 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 April 3, 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. A copy of the Notice of 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 117 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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