TORONTO, Nov. 20, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Leslie Duncan McIntosh (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 May 27, 2008 and November 17, 2010, the Respondent engaged in conduct unbecoming an Approved Person and failed to deal fairly, honestly and in good faith with at least 11 clients by misappropriating approximately $1.6 million from them, all of which he has failed to repay or otherwise account for, contrary to MFDA Rule 2.1.1.|
|Allegation #2: Between about September 2010 and December 2010, the Respondent interfered with the Member's reasonable supervisory investigation of the Respondent's dealings with clients by:|
|a.||providing false and misleading information to the Member in the course of its investigation;|
|b.||making a payment to client FSC to settle her complaint without informing the Member; and|
|c.||contacting clients after he was suspended by the Member in an attempt to mislead them as to the status of their investments and influence their understanding of the nature of the Member's investigation.|
|contrary to MFDA Rule 2.1.1 and MFDA Policy # 3.|
|Allegation #3: Commencing on July 6, 2011, the Respondent has failed to comply with requests by the MFDA to attend at the offices of the MFDA to give information about the matters under investigation, contrary to section 22 of MFDA By-law # 1.|
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on January 24, 2013 at 10:00 a.m. (Mountain) in the hearing room located at the MFDA offices, 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta. The purpose of the 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 119 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