TORONTO, Sept. 16, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Ronald Bruce Brinson (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 in or about February 2007 and June 2009, the Respondent, while designated as co-Branch Manager or alternate Branch Manager, received information on at least five occasions that Bruce Schriver, a licensed insurance agent of an affiliate of the Member who conducted business from the location for which the Respondent was the co-Branch Manager or alternate Branch Manager, had borrowed monies from clients and other individuals which he had not repaid, which information the Respondent failed to report to the Member's head office compliance staff, as a result of which the Member was not made aware of the circumstances and was unable to conduct a reasonable supervisory investigation and take such other supervisory measures as may have been warranted in the circumstances, contrary to MFDA Rules 2.5.3(b) and 2.1.1(c) and MFDA Policy No. 3.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Atlantic Regional Council on November 7, 2013 at 10:00 a.m. (Atlantic) 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 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