TORONTO, Feb. 4, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Frank K. Shaw (the "Respondent"). In its Notice of Hearing dated December 19, 2014, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between about July 2008 and May 2013, the Respondent obtained, maintained and used to process transactions, 24 account forms or photocopies of account forms in respect of ten (10) clients, which were blank or only partially complete at the time the clients signed the account forms or were previously-used account forms which the Respondent altered in order to process transactions, contrary to 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 February 23, 2015 at 10:00 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 107 Members and their approximately 80,000 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]