MFDA announces disciplinary proceeding in respect of Barbara Man
TORONTO, May 21, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Barbara Suk Yee Man (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 January 27, 2011 and May 25, 2011, the Respondent failed to observe high standards of ethics and engaged in business conduct or practice that was unbecoming by altering account transfer forms signed by clients JL and JaL to effect the transfer of their accounts from Member 1 to the Member "in cash" instead of "in kind" as the clients had instructed, contrary to MFDA Rule 2.1.1.|
|Allegation #2: Between January 27, 2011 and May 25, 2011, the Respondent failed to observe high standards of ethics and engaged in business conduct or practice that was unbecoming by obtaining a blank, pre-signed account transfer form from client JaL which the Respondent then used to effect the transfer of client JaL's account from Member 2 to the Member 'in cash" instead of "in kind" as client JaL had instructed, contrary to MFDA Rule 2.1.1.|
|Allegation #3: In or about February 2011, the Respondent engaged in discretionary trading by transferring the accounts of clients JL and JaL to the Member "in cash" instead of "in kind" as the clients had instructed, contrary to MFDA Rules 2.3.1(a) and 2.1.1.|
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on July 17, 2013 at 10:00 a.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The purpose of the first appearance is to set a date for the hearing of this matter on its merits and to address any other procedural matters and 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.
SOURCE Mutual Fund Dealers Association of Canada
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