TORONTO, Nov. 21, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Robert Bruce Rush (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 January 2007 and November 28, 2007 the Respondent engaged in securities related business that was not carried on for the account of the Member and through the facilities of the Member by recommending, referring, selling or facilitating the sale of securities to at least clients KC and DC, and possibly to two other clients and 11 other individuals, outside the Member, contrary to MFDA Rule 1.1.1(a) and 2.1.1.
Allegation #2: Between January 2007 and November 28, 2007, the Respondent had and continued in another gainful occupation that was not disclosed to and approved by the Member by recommending, referring, selling or facilitating the sale of securities to at least clients KC and DC, and possibly to two other clients and 11 other individuals, outside the Member, contrary to MFDA Rule 1.2.1(d).
Allegation #3: Between January 2007 and November 28, 2007, the Respondent failed to comply with the Member's policies and procedures with respect to engaging in outside business activities, contrary to MFDA Rules 1.1.2 and 2.5.1, and MFDA Rule 2.1.1.
Allegation #4: Commencing February 10, 2011, the Respondent has failed to cooperate with an investigation commenced by the MFDA by failing to provide information and documents concerning the matters under investigation and by failing to attend an interview, as requested by MFDA Staff during the course of the investigation, contrary to s. 22.1 of MFDA By-law No. 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 16, 2013 at 10:00 a.m. (Pacific) in the hearing room located at the MFDA offices, 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 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 119 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:
416-943-4672 or firstname.lastname@example.org