TORONTO, Jan. 25, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Raymond Joseph Anders (the "Respondent"). In its Notice of Hearing dated January 3, 2016, 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 September 10, 2013 and December 16, 2013, the Respondent arranged for clients to complete account application forms in order to facilitate the transfer of 80 client accounts to a new Member, prior to being registered with the new Member, thereby engaging in registerable activity and securities related business on behalf of a Member that the Respondent was not registered with, contrary to MFDA Rules 1.1.1 and 2.1.1.
Allegation #2: Between September 10, 2013 and April 24, 2014, the Respondent arranged for clients to sign approximately 326 undated account forms which the Respondent subsequently dated himself in order to facilitate the transfer of 80 client accounts to a new Member, thereby failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on February 23, 2016 at 11:00 a.m. (Mountain), in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will take place in the hearing room at the MFDA offices, located at 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta, and will be open to the public, except as may be required for the protection of confidential matters. The Hearing on the Merits will take place in Regina, Saskatchewan at a time and venue to be announced.
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 the Regina, Saskatchewan area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 101 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