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SOURCE Mutual Fund Dealers Association of Canada
TORONTO, June 13, 2018 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision (Misconduct) in connection with a disciplinary hearing held in Toronto, Ontario on May 15-16-17, 2017, August 16, 2017 and April 30, 2018 in the matter of Clinton Wayne ("Respondent").
In its Decision and Reasons (Misconduct), dated June 13, 2018, the Hearing Panel found that allegations #1, #3 and #4 in the Notice of Hearing dated May 20, 2015 had been established. In particular, the Respondent:
Allegation #1: between November 2011 and April 2014, had and continued in another gainful occupation that was not disclosed to or approved by the Member by:
acting as an officer and director of a real estate investment development corporation;
soliciting and arranging for clients and other individuals to invest in, or loan monies to, the real estate development corporation;
personally borrowing monies from clients which he used to invest in the real estate development corporation; and
receiving referral fees and other payments in respect of the monies invested in, or loaned to, the real estate development corporation by the clients and other individuals;
contrary to MFDA Rules 1.2.1(c) (formerly, MFDA Rule 1.2.1(d)), 2.1.4, 2.4.2, 2.1.1, and sections 13.7 and 13.8 of National Instrument 31-103;
Allegation #3: between June 2012 and April 2014, issued advertisements or sales communications, which had not been reviewed and approved by the Member, contrary to MFDA Rule 2.7.3.
Allegation #4: commencing March 4, 2013, failed to comply with his reporting obligations to the Member by failing to report that he had been named a defendant in a civil claim related to the real estate investment development corporation, contrary to MFDA Rule 1.2.2(b), and subsections 4.1(b)(i) and (iv) of MFDA Policy No. 6.
Submissions with respect to penalty will take place before the Hearing Panel on a date to be determined and announced accordingly.
Copies of the Reasons for Decision (Misconduct) and Notice of Hearing are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision (Misconduct), the Respondent conducted business in the Toronto, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 82,000 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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