TORONTO, Nov. 5, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Bruce Ian Mawer (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 2006 and 2007, the Respondent engaged in personal financial dealings with four clients of the Member by soliciting and accepting monies from them in the total amount of $103,000, which monies he pooled with monies obtained from four insurance-only clients, his partner SS and his own monies, for the purposes of purchasing investment properties, contrary to MFDA Rules 2.1.4 and 2.1.1.
Allegation #2: Between 2006 and 2007, the Respondent had and continued in another gainful occupation that was not disclosed to and approved by the Member by soliciting and accepting monies in the total amount of $240,000 from four clients of the Member and four insurance-only clients, which monies he pooled together with monies obtained from his partner SS and his own monies, for the purposes of purchasing investment properties, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on December 17, 2013 at 10:00 a.m. (Mountain) in the MFDA hearing room located at 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta. 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. 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:
Managing Director, Enforcement
Vice-President, Prairie Region