TORONTO, May 22, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Jesse Vu ("Respondent"). In its Notice of Hearing dated May 6, 2019, 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 about March 2016 and March 2017, the Respondent engaged in outside business activities which were not disclosed to or approved by the Member, contrary to the policies and procedures of the Member and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3)1 and 2.1.1.
Allegation #2: Between about November 2016 and October 2017, the Respondent referred one client and three other individuals to a mortgage brokerage outside the Member, and received at least $1,085.95 outside the Member for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with the policies and procedures of the Member and MFDA Rules 2.4.2(b) and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on June 20, 2019 at 10:00 a.m. (Mountain), 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. Members of the public who would like to listen to the teleconference should contact firstname.lastname@example.org to obtain particulars. The Hearing on the Merits will take place in Calgary, Alberta.
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 approximately 81,000 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.
1 MFDA Rule 1.2.1(c) was amended and renumbered as MFDA Rule 1.3 effective on March 17, 2016. In this case, Staff is alleging that the Respondent's conduct was contrary to both versions of the Rule.
SOURCE Mutual Fund Dealers Association of Canada
For further information: Charles Toth, Director, Litigation, 416-943-4619, email@example.com; Mark Stott, Vice-President, Prairie Region, 403-215-8329, firstname.lastname@example.org