TORONTO, Dec. 3, 2013 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has commenced disciplinary proceedings in respect of Penny Diann Deming (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 May and August 2010, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling 240 shares in a company she owned to AW and MM at a total price of $100,000, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
Allegation #2: Between May and August 2010, the Respondent had and continued in another gainful occupation which she did not disclose to the Member by selling 240 shares in a company she owned to AW and MM at a total price of $100,000, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
Allegation #3: Between August 2010 and November 2011, the Respondent engaged in personal financial dealings with client MM by selling MM 120 shares in the Respondent's company at a price of $50,000 contemporaneously with MM becoming a client of the Member, thereby giving rise to a conflict or potential conflict of interest which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of client MM, 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 Pacific Regional Council on January 21, 2014 at 10:00 a.m. (Pacific) in the MFDA hearing room located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia. The purpose of the appearance is to set a date for the hearing of this matter on its merits and 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. During the period described in the Notice of Hearing, the Respondent carried on business in White Rock, British Columbia.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 113 Members and their approximately 80,000 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
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