TORONTO, June 2 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against David William John Irwin (the "Respondent").
MFDA Staff alleges in its Notice of Hearing that the Respondent engaged
in the following conduct contrary to the By-laws, Rules or Policies of the
Allegation No. 1: In or about June 2004, 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,
selling or facilitating the sale of Lighthouse Pointe Limited Partnership
units ("Lighthouse LPs") to 24 clients, contrary to MFDA Rule 1.1.1.
Allegation No. 2: In or about June 2004, the Respondent engaged in
another gainful occupation, which was not properly disclosed to and
approved by the Member, by recommending, selling or facilitating the sale
of Lighthouse LPs to 24 clients, contrary to MFDA Rule 1.2.1(d).
Allegation No. 3: In or about June 2004, the Respondent recommended, sold
or facilitated the sale of Lighthouse LPs to 24 clients without ensuring
(a) the clients qualified as accredited investors in accordance with
Ontario Securities Commission Rule 45-501 and subsequently
National Instrument 45-106, thereby engaging the jurisdiction of
the Hearing Panel to impose a penalty on the Respondent pursuant
to s. 24.1.1(h) of MFDA By-law No. 1; and
(b) the investments were suitable for the clients and in keeping with
their investment objectives, contrary to MFDA Rule 2.2.1.
Allegation No. 4: Between June 2004 and September 2005, the Respondent
failed to comply with the Member's policies and procedures with respect
to securities related business, referral arrangements and the disclosure
and approval of outside business activities, contrary to MFDA Rules 1.1.2
and 2.5.1, and MFDA Rule 2.1.1.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Central Regional Council in the Hearing
Room located at the offices of the MFDA, 121 King Street West, Suite 1000,
Toronto, Ontario on September 2, 2009 at 10:00 a.m. (Eastern), or as soon
thereafter as the appearance can be held.
The purpose of the first appearance is to schedule the date for the
commencement of the hearing on its merits and to address any other procedural
matters. The first appearance is open to the public, except as may be required
for the protection of confidential matters. Members of the public attending
the first appearance will be able to listen to the proceeding by
A copy of the Notice of Hearing is available on the MFDA website at
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business conduct
of its 149 Members and their approximately 75,000 Approved Persons with a
mandate to protect investors and the public interest.
For further information:
For further information: Shaun Devlin, Vice-President, Enforcement,
(416) 943-4672 or firstname.lastname@example.org