TORONTO, June 27 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against Kenneth Roy Breckenridge.
MFDA staff alleges in its Notice of Hearing that Mr. Breckenridge engaged
in the following conduct contrary to the By-laws, Rules or Policies of the
Allegation No. 1: Between November 2002 and October 2004, the Respondent
engaged in securities related business outside the accounts and
facilities of the Member by recommending and facilitating the investment
of client funds in the total amount of approximately $1.9 million in a
security unknown to and unapproved by the Member, contrary to MFDA Rule
Allegation No. 2: Between November 2002 and April 2006, the Respondent
failed to observe high standards of conduct in the transaction of
business and engaged in business conduct that was unbecoming and
detrimental to the public interest by deliberately concealing from the
Member business activity he was engaging in outside the Member, contrary
to MFDA Rule 2.1.1(b) and (c).
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA Central Regional Council in the Hearing
Room located at the offices of the MFDA, 121 King Street West, Suite 1000,
Toronto, Ontario on Wednesday, September 5, 2007 at 10:00 a.m. (Eastern) or as
soon thereafter as 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
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 teleconference.
A copy of the Notice of Hearing is available on the MFDA website at
The Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations, standards of practice and business conduct of its 162 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