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.
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
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 121 Members and their approximately 75,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
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