TORONTO, Sept. 14, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Stephen Mark Pigeau (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: In October 2007, the Respondent borrowed approximately $15,000 from
client RR, which amount he did not repay or arrange to be repaid in full until July 2011,
thereby giving rise to a conflict or potential conflict of interest between the interests of the
Respondent and the interests of client RR which the Respondent failed to ensure was
addressed by the exercise of responsible business judgment influenced only by the best
interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1.
Allegation #2: Commencing in March 2011, the Respondent has failed or refused to
documents, information, and a written statement to the MFDA and to attend an interview
requested by the MFDA during the course of an investigation, contrary to s. 22.1 of MFDA
By-law # 1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on October 30, 2012 at 10:30 a.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. 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 120 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada