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
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
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