TORONTO, Dec. 17, 2013 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Prairie Regional Council.
The settlement agreement will be between Staff of the MFDA and Brodie James Pattenden (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws.
The proposed settlement agreement concerns allegations that, contrary to MFDA Rule 2.1.1(b) and (c)., between November 19, 2011 and April 23, 2012, the Respondent established pre-authorized contribution programs (PAC's) in the accounts of 15 clients without the clients' knowledge, approval or instructions, 13 of which he cancelled before the first contribution was made, in an attempt to meet a sales target, thereby engaging in conduct unbecoming an Approved Person and failing to observe high standards of ethics and conduct in the transaction of business.
The Settlement Hearing is scheduled to take place on March 6, 2014 in the hearing room located at Dicta Court Reporting Inc., 760, 1015 - 4 Street SW, Calgary, Alberta. The hearing, originally scheduled to take place at 10:00 a.m. (Mountain), will now take place at 1:00 p.m. (Mountain) and will be open to the public, except as may be required for the protection of confidential matters.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent carried on business in Calgary, Alberta.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 112 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement
Vice-President, Prairie Region