TORONTO, July 10, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Edgar Mahilum (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 January 1, 2004 and December 31, 2008, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by recommending, selling or facilitating the sale of investments in the total amount of approximately $375,000 to client PS and individuals BR and GB outside the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
Allegation #2: On or about September 5, 2008, the Respondent provided false and misleading information to the Member in response to the Member's inquiry regarding a client redemption, thereby failing to observe high standards of ethics and conduct in the transaction of business and be of such character and business repute as is consistent with the standards prescribed by MFDA Rule 2.1.1.
Allegation #3: Commencing on or about October 19, 2011, the Respondent has failed to provide documents and information as requested by MFDA Staff during the course of an investigation, contrary to section 22 of MFDA By-law No. 1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on August 9, 2012 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 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 121 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
For further information:
416-943-4672 or [email protected]