TORONTO, May 28 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has commenced disciplinary proceedings against Piotr (Peter) Lipski (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 1: Between July 2005 and December 2007, the Respondent
prepared and submitted new account application forms and loan
applications for clients which he knew contained false and misleading
information, thereby failing to observe the high standards of ethics and
conduct in the transaction of business and be of such character and
business repute as is consistent with the standards prescribed by MFDA
Allegation 2: Between July 2005 and December 2007, the Respondent
recommended to clients that they borrow monies to invest and assisted the
clients to obtain investment loans without:
a) learning the essential facts relative to each client; and
b) ensuring that the leveraging recommendations were suitable for the
clients and in keeping with their investment objectives.
Allegation 3: Between May 2005 and April 2008, the Respondent had and
continued in another gainful occupation that was not properly disclosed
to or approved by the Member.
Allegation 4: Between March 2008 and April 2008, the Respondent provided
false and misleading information to the Member and the MFDA during the
course of their respective investigations of the Respondent's conduct,
thereby failing to observe the high standards of ethics and conduct in
the transaction of business.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council in the hearing room located at the offices of the MFDA at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia on July 20, 2010 at 10:00 a.m. (Pacific), 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 of this matter on its merits and to address any other procedural matters. The 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