TORONTO, June 17 /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 Nathan Hersh Disenhouse and involves matters for which Mr. Disenhouse may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The subject matter of the proposed settlement agreement concerns allegations that Mr. Disenhouse:
(a) engaged in securities related business outside the Member by selling,
referring, or facilitating the sale of $730,000 of an investment
product that had not been approved for sale by the Member;
(b) did not disclose to investors that he was a shareholder in the
company which was, in turn, the sole shareholder of the company
offering the investment product;
(c) engaged in a dual occupation that was not disclosed to and approved
by the Member; and
(d) obtained and maintained blank, pre-signed trading forms in client
files and used such forms to process a trade in at least one client
The settlement hearing is scheduled to commence at 10:00 a.m. (Eastern) on June 18, 2010 in the hearing room located at the offices of the MFDA at 121 King Street West, Suite 1000, Toronto, Ontario 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.
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 email@example.com