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SOURCE Mutual Fund Dealers Association of Canada
TORONTO, Oct. 28, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Robert Laurie Bowness (the "Respondent"). MFDA staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary the By-laws, Rules or Policies of the MFDA:
Allegation #1: Between September 2004 and March 2012, the Respondent 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.
Allegation #2: Between May 4, 2011 and May 20, 2011, the Respondent 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.
Allegation #3: Between 2009 and October 2011, the Respondent 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 first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Atlantic Regional Council on November 27, 2013 at 10:00 a.m. (Atlantic). The purpose of the first appearance is to schedule a date for the hearing of this matter on its merits and address any other procedural matters. The first appearance 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 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
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