TORONTO, March 5, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Christopher Martin Alfred Lee ("Respondent"). In its Notice of Hearing dated February 15, 2019 ("Notice of Hearing"), 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: Commencing on at least July 28, 2012, the Respondent misappropriated or failed to account for, approximately $1,363,850 solicited or received from at least twelve clients and seven individuals, thereby failing to deal fairly, honestly, and in good faith with clients, failing to observe high standards of ethics and conduct in the transaction of business, and engaging in business conduct or practice that is unbecoming or detrimental to the public interest, contrary to the Member's policies and procedures and MFDA Rules 2.1.1, 2.10, and 1.1.2.
Allegation #2: Commencing on or about October 16, 2018, the Respondent failed to cooperate with MFDA Staff's investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on April 9, 2019 at 9:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the 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. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 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: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]