TORONTO, March 27, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Elizabeth Jean VandenBoomen (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 March 2005 and December 2010, the Respondent
a) facilitated a stealth advising arrangement whereby AKC, an unregistered person, engaged in securities related business with clients of the Member, contrary to MFDA Rules 1.1.1(c) and 2.1.1; and
b) failed to perform the necessary due diligence to learn the essential facts relative to the clients to ensure that the investments recommended to and trades made in the accounts of the clients were suitable for the clients and in keeping with the clients' investment objectives, contrary to MFDA Rules 2.2.1 and 2.1.1.
Allegation #2: Between April 2007 and June 2007, 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, facilitating the sale of, or making referrals in respect of the sale of an investment product to clients FM and CM outside the Member, contrary to MFDA Rules 1.1.1, 2.4.2 and 2.1.1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on May 7, 2013 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 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
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