TORONTO, June 1, 2012 /CNW/ - The 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 Central Regional Council.
The settlement agreement will be between Staff of the MFDA and David George Rounthwaite (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed agreement concerns allegations that the Respondent:
|a)||engaged in discretionary trading as part of his general practice; and specifically, from 2006 to 2009, engaged in discretionary trading in 29 instances in the accounts of 14 clients, seven of whom had provided the Respondent with a Limited Trading Authorization, contrary to MFDA Rule 2.3 and Rule 2.1.1, and the terms of his registration as a mutual fund salesperson; and|
|b)||facilitated an investment by a client in 2008 in a charitable donation program which had not been approved for sale by the Member and after CRA had disallowed the charitable donation program in 2007, contrary to MFDA Rules 2.1.4, 1.2.1(d), and Rule 2.1.1.|
The settlement hearing is scheduled to take place on July 16, 2012 commencing at 10:00 a.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The hearing will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 122 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
For further information:
416-943-4672 or [email protected]