TORONTO, May 26 /CNW/ - A Settlement Hearing in the matter of Douglas Bryan Ruemper was held yesterday before a Hearing Panel of the MFDA's Pacific Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and Mr. Ruemper, as a consequence of which Mr. Ruemper shall:
- pay a fine in the amount of $25,000;
- be permanently prohibited from conducting securities related business
in any capacity while in the employ of, or in association with, any
- pay costs in the amount of $2,500.
In the Settlement Agreement, Mr. Ruemper admitted that:
- between April 27, 2005 and October 1, 2007, he engaged in personal
financial dealings with client WA by paying him $29,000 purportedly on
account of investments made by client WA, thereby creating a conflict
or potential conflict of interest between himself and WA which he
failed to address by the exercise of responsible business judgment
influenced only by the best interests of WA;
- between April 27, 2005 and November 16, 2007, he failed to report to
the Member complaints from client WA with respect to WA's investment
in an outside business activity and offered to pay WA $10,000 to
settle a client complaint without the prior written consent of the
- between April 2, 2004 and December 4, 2007, he had and continued in 12
gainful occupations that were not disclosed to and approved by the
- from December 1, 2004 to June 6, 2006, he engaged in securities
related business that was not carried on for the account of the Member
and through the facilities of the Member by selling or facilitating
the sale of $105,000 of shares of two companies in which he had an
interest to five clients;
- between April 2, 2004 and December 4, 2007, he failed to comply with
the Member's policies and procedures by:
(a) providing a false response to the Member's Compliance Checklist on
March 29, 2004 to enable him to commence acting as an Approved
Person effective April 2, 2004; and
(b) thereafter engaging in the conduct described in paragraphs 22 to
27 of the Settlement Agreement in contravention of the Member's
policies and procedures.
The Hearing Panel advised that it will issue written reasons for its decision in due course. A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 139 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
For further information: For further information: Shaun Devlin, Vice-President, Enforcement, (416) 943-4672 or email@example.com