MFDA announces disciplinary proceeding in respect of William Maynes - wave3.com-Louisville News, Weather & Sports

MFDA announces disciplinary proceeding in respect of William Maynes

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SOURCE Mutual Fund Dealers Association of Canada

TORONTO, Feb. 22, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of William Leonard Maynes (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: On August 13, 2010, the Respondent failed or refused to cooperate with a client file review to be performed by the Member, contrary to the terms of an agreement between the Respondent and the Member, thereby:

a)     interfering with the Member's ability to handle a client complaint promptly and fairly in accordance with the requirements of MFDA Rule 2.11 and MFDA Policy # 3, contrary to MFDA Rules 1.1.2 and 2.5.1 and MFDA Rule 2.1.1; and
b)      failing to comply with the policies and procedures of the Member, contrary to MFDA Rules 1.1.2 and 2.5.1 and MFDA Rule 2.1.1.

Allegation #2: Commencing August 13, 2010, the Respondent failed or refused to provide access to or remit, return and deliver to the Member client files and information in his possession, contrary to the terms of an agreement between the Respondent and the Member, thereby:

a)     interfering with the Member's ability to handle a client complaint promptly and fairly in accordance with the requirements of MFDA Rule 2.11 and MFDA Policy # 3, contrary to MFDA Rules 1.1.2 and 2.5.1 and MFDA Rule 2.1.1;
b)      failing to ensure the client files and information were available for review by and delivery to the Member, contrary to MFDA Rules 1.1.2 and 1.1.5(f) and MFDA Rule 2.1.1;
c)     failing to comply with the Member's policies and procedures, contrary to MFDA Rules 1.1.2 and 2.5.1 and MFDA Rule 2.1.1; and
d)      interfering with the Member's ability to keep such books, records and other documents as are necessary for the proper recording of its business transactions, financial affairs and the transactions it executes on behalf of others in accordance with the requirements of MFDA Rule 5.1, contrary to MFDA Rules 1.1.2 and 2.5.1 and MFDA Rule 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 April 2, 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 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.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.

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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