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SOURCE Mutual Fund Dealers Association of Canada
TORONTO, June 6, 2014 /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 Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Bradley Lawrence Griffith (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:
from July 2007 to August 2009, processed trades based on requests from someone other than the client, thus failing to obtain proper authorization for redemptions of approximately $39,516 from the client's account, contrary to MFDA Rule 2.3.1(a) and Rule 2.1.1; and
from May 2010 to August 2011, failed to report to the Member a complaint he received, which raised the prospect of nine instances of unauthorized trading in the client's account, contrary to MFDA Rule 1.2.2(b), Rule 2.1.1, and section 4 of MFDA Policy No. 6; and thereby interfering with the ability of the Member to supervise the Respondent and comply with its obligations pursuant to MFDA Rule 2.5.1.
The Settlement Hearing is scheduled to take place on June 11, 2 014 at 11:00 a.m. (Eastern), or as soon thereafter as the hearing can held, 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.
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 in Strathroy, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 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.
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