TORONTO, June 22 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings against Graham Charles Hoard (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 MFDA:
Allegation No. 1: Between April 2002 and February 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
selling, recommending or facilitating the sale of approximately $843,500
of shares of an investment product in which he had a direct or indirect
interest to 39 investors, contrary to (a) MFDA Rule 1.1.1 and 2.1.1; and
(b) the terms of the Respondent's registration in Alberta as a mutual
fund salesperson and Alberta Securities Commission Local Policy 3.10.
Allegation No. 2: Between April 2002 and February 2007, the Respondent
had and continued in another gainful occupation in respect of which he
did not make disclosure to or obtain approval from the Member by owning,
operating or participating in a limited partnership which distributed
approximately $843,500 of shares to 39 investors, contrary to MFDA Rule
1.2.1(d) and 2.1.1.
Allegation No. 3: Between April 2002 and February 2007, the Respondent
had and continued in other gainful occupations in respect of which he did
not make disclosure to or obtain approval from the Member, contrary to
MFDA Rule 1.2.1(d), by (a) operating a blind trust on behalf of client
DW; and (b) operating a business which provided, among other things,
financial and tax services to clients and other individuals.
Allegation No. 4: Between April 2002 and February 2007, the Respondent,
through his personal corporation, borrowed $10,000 from a client to
invest in his personal business venture, thereby placing his own
interests above those of his client and giving rise to an actual or
potential conflict of interest which he failed to address through the
exercise of responsible business judgment, contrary to MFDA Rules 2.1.4
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council in the Hearing Room located at the offices of the MFDA, 800-6th Avenue SW, Calgary, Alberta on July 26, 2010 at 10:00 a.m. (Mountain), 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 will be open to the public, except as may be required for the protection of confidential matters.
A copy of the Notice of Hearing 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 firstname.lastname@example.org