TORONTO, May 9, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Donald Jacob St. John (the "Respondent"). In its Notice of Hearing dated April 12, 2016, Staff of the MFDA alleges that the Respondents engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: In November 2013, the Respondent misappropriated approximately $100,000 from client JP, thereby failing to deal fairly, honestly and in good faith with client JP, and observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing February 2015, the Respondent failed to cooperate with MFDA Staff's investigation into his conduct by making statements to MFDA Staff which were false, misleading or incorrect, and failing to produce bank account statements requested by MFDA Staff, contrary to section 22.1 of MFDA By-law No. 1 and MFDA Rule 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 June 6, 2016 at 9:30 a.m. (Eastern), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first 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]