TORONTO, Feb. 8, 2012 /CNW/ - The Mutual Fund Dealers Association of Canada today announced that it has commenced disciplinary proceedings in respect of Jose Luis Bautista (the "Respondent"). MFDA staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary to the By-laws, Rules or Policies of the MFDA:
|Allegation #1: Between October 30, 2006 and December 17, 2009, the Respondent had and continued in at least four gainful occupations that were not disclosed to or approved by the Member, contrary to MFDA Rules 1.2.1(d) and 2.1.1.|
|Allegation #2: Between October 30, 2006 and December 17, 2009, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling or facilitating the sale of investments in the total amount of approximately $500,000 in a company outside the accounts and facilities of the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.|
|Allegation #3: Between October 30, 2006 to December 17, 2009, the Respondent engaged in personal financial dealings with clients, thereby creating a conflict or potential conflict of interest between the Respondent's interests and the clients' interests which the Respondent did not ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.4 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 February 24, 2012 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 first appearance is to schedule the date for the commencement of the hearing 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 125 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
For further information:
416-943-4672 or [email protected]