TORONTO, Dec. 18, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Omar Hayat (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 June 2006 and May 2010, the Respondent engaged in conduct unbecoming an Approved Person by falsifying the signatures of at least six clients on account documents, contrary to MFDA Rule 2.1.1.
Allegation #2: On or about July 19, 2010, the Respondent paid compensation directly to client FH without obtaining the prior written consent of the Member, contrary to MFDA Policy No. 3.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on February 12, 2013 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 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 117 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
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