TORONTO, March 10, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced a disciplinary proceeding in respect of Bradley Lawrence Griffith (the "Respondent"). In its Notice of Hearing dated March 3, 2014, 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: From July 2007 to August 2009, the Respondent engaged in unauthorized trading in client CD's account by processing nine redemptions totaling approximately $39,516 without client CD's instructions or proper authorization, contrary to MFDA Rules 2.3.1(a), 2.3.2, and 2.3.3, and MFDA Rule 2.1.1.
Allegation #2: From July 2007 to August 2009, the Respondent misrepresented to the Member that he had spoken with client CD and received instructions from her on nine occasions to process redemptions in her account using a limited trading authority by falsifying notes of conversations he purportedly had with client CD on the account transaction forms, when in fact the Respondent had not received instructions from or spoken with client CD, thereby failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
Allegation #3: From May 2010 to August 2011, the Respondent failed to report to the Member within 2 business days a complaint he had received alleging unauthorized trading in client CD's account, contrary to section 4.1(b)(i) 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 April 15, 2014 at 11:00 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. 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 111 Members and their approximately 80,000 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]