TORONTO, June 18, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings
in respect of Christiaan Albert Hesselink (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
Allegation #1: Between October 2007 and April 2011, the Respondent engaged in
securities related business that was not carried out for the account
and through the facilities of the Member by selling, recommending,
referring or facilitating the sale of approximately $8.4 million of two
different exempt market investment products to at least 58 clients and
18 other individuals outside the Member, contrary to MFDA Rules
1.1.1(a) and 2.1.1.
Allegation #2: Between October 2007 and April 2011, the Respondent had and continued
in another gainful occupation that was not disclosed to and approved by
the Member by selling, recommending, referring or facilitating the sale
of approximately $8.4 million of exempt market investment products
outside the Member to at least 58 clients and 18 other individuals,
contrary to MFDA Rules 1.2.1(c) and 2.1.1.
Allegation #3: Between October 2007 and April 2011, the Respondent entered into
referral arrangements with two parties in respect of the sale of two
different exempt market investment products pursuant to which he was
paid referral fees or commissions of at least $355,000, contrary to
MFDA Rules 2.4.2(b) and 2.1.1.
Allegation #4: Between 2005 and April 2011, the Respondent engaged in personal
financial dealings with client HD by co-owning and operating a storage
business with client HD, thereby giving rise to a conflict or potential
conflict of interest between the Respondent and client HD which the
Respondent failed to address 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.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Central Regional Council on July
10, 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
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 116 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:
Director of Litigation