TORONTO, March 12, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Marc Joseph Robert Bodson ("Respondent"). In its Notice of Hearing dated January 4, 2018, 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 February 2012 and October 2015, the Respondent processed transactions in client accounts without obtaining client instructions in respect of the amount of the transaction and the specific mutual fund purchased, thereby engaging in discretionary trading contrary to MFDA Rules 2.3.1 and 2.1.1, and acting beyond the scope of his registration category as a mutual fund salesperson.
Allegation #2: Between about 2012 and 2015, the Respondent obtained and possessed five pre-signed account forms in respect of five clients, contrary to MFDA Rule 2.1.1 and the policies and procedures of the Member.
Allegation #3: Between October 2012 to March 2016, the Respondent or other persons acting on his behalf altered information on five account forms in respect of three clients without obtaining the clients' initials or other evidence recording the clients' authorization of changes to information on the form, contrary to MFDA Rule 2.1.1 and the policies and procedures of the Member.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on March 13, 2018 at 9:00 a.m. (Eastern), 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.
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 83,000 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@example.com