TORONTO, Dec. 12, 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 Atlantic Regional Council.
The settlement agreement will be between Staff of the MFDA and Robert Laurie Bowness (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 the Respondent:
|a) between September 2004 and March 2012, obtained and maintained 68 pre-signed account forms for 26 clients and used pre-signed forms to process transactions in at least five client accounts, contrary to MFDA Rule 2.1.1;|
|b) between May 4, 2011 and May 20, 2011, engaged in client-authorized discretionary trading by processing eight redemptions in the amount of $4,900 each in the account of client RT by photocopying one blank redemption form pre-signed by client RT and using the copies to process the redemptions without obtaining instructions from the client as to the selection of the mutual fund(s) to be redeemed, contrary to MFDA Rule 2.3.1; and|
|c) between 2009 and October 2011, falsified the signatures of six clients on a total of 16 account forms used to process transactions in the clients' accounts, contrary to MFDA Rule 2.1.1.|
The Settlement Hearing is scheduled to take place on December 18, 2013 at 10:00 a.m. (Atlantic), or as soon thereafter as the hearing can held, in the hearing room located at the Nova Scotia Securities Commission, 5251 Duke Street, Suite 400, Duke Tower, Halifax, Nova Scotia. The hearing 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 Hearing, the Respondent carried on business from Bedford, Nova Scotia.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 113 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