TORONTO, July 28, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Frank Joseph Stolarz (the "Respondent"). In its Notice of Hearing dated June 16, 2016, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between August 2013 and September 2013, the Respondent processed increases to monthly payments made pursuant to a client's Systematic Withdrawal Plan based on requests from someone other than the client, contrary to MFDA Rules 2.3.1 and 2.1.1; and
Allegation #2: On August 13, 2013, the Respondent processed two (2) mutual fund switches in the account of one (1) client without the client's authorization, contrary to MFDA Rules 2.3.1 and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Atlantic Regional Council on August 31, 2016 at 10:00 a.m. (Atlantic), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business the Dartmouth, Nova Scotia area.
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 over 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: Charles Toth, Director, Litigation, 416-943-4619, [email protected]