TORONTO, Aug. 22, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Jack Louis Comeau (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: Commencing in September 2009 and continuing to June 2010, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending or facilitating the sale of exempt market investment products in the amount of at least $1,167,000 to at least 24 clients outside the Member, contrary to MFDA Rule 1.1.1(a).|
|Allegation #2: Commencing in September 2009 and continuing to June 2010, the Respondent failed to comply with the policies and procedures of the Member by engaging in outside business activities which were not disclosed to and approved by the Member, thereby interfering with the Member's ability to supervise the Respondent, contrary to MFDA Rules 1.1.2 and 2.5.1.|
|Allegation #3: Commencing in September 2009 and continuing to June 2010, the Respondent engaged in conduct unbecoming an Approved Person by selling, recommending or facilitating the sale of exempt market investment products to clients after previously seeking permission to do so from the Member and being refused, contrary to MFDA Rule 2.1.1(c).|
|Allegation #4: Commencing in June 2010, the Respondent interfered with the ability of the Member to conduct a reasonable supervisory investigation of his activities and failed to observe high standards of ethics and conduct in the transaction of business by making statements to the Member which he knew to be misleading, incorrect or inaccurate at the time and in the circumstances that he made them and by disposing of documents relevant to the matters under investigation, contrary to MFDA Rule 2.1.1.|
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on September 28, 2012 at 10:00 a.m. (Mountain) in the hearing room located at the MFDA office, 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta. 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.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
416-943-4672 or firstname.lastname@example.org