TORONTO, July 22, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Murray Arnold Greenberg ("Greenberg") and Katrina Anne Powell ("Powell") (collectively, the "Respondents"). 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 September 2005 and April 2009, Greenberg engaged in securities related business that was not carried on for the account and through the facilities of the Member by recommending, selling, facilitating the sale or making referrals in respect of the sale of approximately $13.45 million of investment products to at least 40 clients outside the Member, contrary to MFDA Rules 1.1.1, 2.4.2 and 2.1.1.
Allegation #2: Between September 2005 and April 2009, Greenberg had and continued in another gainful occupation which was not disclosed to and approved by the Member by recommending, selling, facilitating the sale or making referrals in respect of the sale of approximately $13.45 million of investment products to at least 40 clients outside the Member, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
Allegation #3: In or around July 2009, Greenberg failed to inform the Member of a complaint from client NH Ltd. concerning the sale of an investment outside the Member, contrary to s. 4.1 of MFDA Policy No 6.
Allegation #4: Between September 2005 and July 2009, Powell failed to fulfill her supervisory responsibilities as a branch manager by permitting, acquiescing in or facilitating the sale or referral of investment products by Greenberg outside the Member, contrary to MFDA Rule 2.5.3(b), MFDA Policy No. 2 and 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 17, 2013 at 10:00 a.m. (Mountain) in the MFDA hearing room located at 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 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement
Vice-President, Prairie Region