TORONTO, Sept. 16, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Brent L. Barnai (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 January and February 2012, the Respondent falsified the signatures of two clients on account forms, thereby failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing in May 2012, the Respondent failed to provide a written statement requested by the MFDA 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 November 5, 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