TORONTO, May 1, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Lorne Michael Piett (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: Between November 2008 and April 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, recommending or facilitating the sale of 3 investment products to at least 10 clients outside of the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
Allegation #2: Between November 2008 and April 2009, the Respondent had and continued in another gainful occupation which was not disclosed to and approved by the Member by selling, recommending or facilitating the sale of 3 investment products to at least 10 clients, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
Allegation #3: Between February 2009 and April 2009, the Respondent engaged in conduct unbecoming an Approved Person by failing to respond fully or accurately to inquiries from the Member and by omitting relevant information in his responses to the Member during the course of the Member's 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 May 30, 2012 at 10:00 a.m. (Mountain) in the MFDA hearing room located Suite 850, 800-6th Avenue SW, Calgary, Alberta. 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. A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 123 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
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