TORONTO, Nov. 11, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Timothy Glenn Ocampo Solis (the "Respondent"). In its Notice of Hearing dated October 4, 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 November 2013 and July 2014, the Respondent misappropriated approximately $53,000 from five clients, thereby failing to deal fairly, honestly and in good faith with clients, and observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
Allegation #2: Between November 2013 and July 2014, the Respondent falsified client signatures on account forms in order to process a series of unauthorized transactions in respect of five clients, thereby failing to deal fairly, honestly and in good faith with clients, and observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rules 2.3.1 and 2.1.1.
Allegation #3: In April 2014, the Respondent misled the Member in response to a trade inquiry, thereby interfering with the Member's ability to supervise the Respondent's trading activity and engaging in conduct unbecoming an Approved Person, contrary to MFDA Rules 1.1.2, 2.5.1 and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on January 12, 2017 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, 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 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, [email protected]