TORONTO, March 8, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Deborah (Debbie) Louise Bartolini (the "Respondent"). In its Notice of Hearing dated February 3, 2016, 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: In August 2013, the Respondent processed a redemption in the amount of $25,000 in the account of client GS without the knowledge or authorization of client GS which she deposited into a joint bank account held by the Respondent's aunt, HLDR and the Respondent's son, RW, and failed to pay back or otherwise account for the money, thereby engaging in unauthorized discretionary trading and theft, contrary to the Member's Code of Conduct and MFDA Rules 2.3.1(a), 2.5.1, 1.1.2, and 2.1.1.
Allegation #2: Between April 2013 and December 2013, the Respondent engaged in personal financial dealings with clients JF and BF by borrowing from them a total amount of approximately $13,000, thereby failing to ensure that the conflict of interest that arose as a result of the loan was disclosed to the Member and addressed by the exercise of responsible business judgment influenced only by the best interests of clients JF and BF, and failing to deal fairly, honestly and in good faith with the clients, contrary to the Member's Code of Conduct and MFDA Rules 2.1.4, 2.5.1, 1.1.2, and 2.1.1.
Allegation #3: In September or October 2013, the Respondent solicited a personal loan from client EC in the amount of approximately $5,000, thereby engaging in conduct which gave rise to a conflict or potential conflict of interest which the Respondent failed to disclose to the Member and address by the exercise of responsible business judgment influenced only by the best interests of client EC, and failing to deal fairly, honestly and in good faith with the client, contrary to the Member's Code of Conduct and MFDA Rules 2.1.4, 2.5.1, 1.1.2, and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on March 30, 2016 at 10:00 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.
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 83,000 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, Director, Litigation, 416-943-4619, [email protected]