MFDA announces disciplinary proceeding in respect of Edward Okopny
TORONTO, May 8, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Edward Jonathan Okopny (the "Respondent"). In its Notice of Hearing dated April 23, 2015, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: On December 6, 2011, the Respondent processed two (2) unauthorized redemptions in the accounts of client MM in the amounts of $34,000 and $6,000, thereby failing to deal fairly, honestly and in good faith with a client, and engaging in business conduct which is unbecoming or detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #2: Between December 6, 2011 and March 29, 2012, the Respondent engaged in personal financial dealings with client MM by borrowing and failing to fully repay $40,000 from client MM, thereby giving rise to a conflict or potential conflict of interest between the Respondent and client MM, which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of client MM, contrary to MFDA Rules 2.1.1 and 2.1.4.
Allegation #3: Between about June 2008 and March 29, 2012, the Respondent engaged in dual occupations, which were not disclosed to or approved by the Member, contrary to MFDA Rules 1.2.1(c) (formerly MFDA Rule 1.2.1(d)) and 2.1.1.
Allegation #4: Commencing in March 2013, the Respondent failed to provide documents and information requested by Staff and failed to attend an interview with Staff for the purpose of investigating the Respondent's conduct, contrary to section 22.1 of MFDA By-law No. 1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on June 10, 2015 at 11:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance 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. During the period described in the Notice of Hearing, 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 104 Members and their approximately 80,000 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.
SOURCE Mutual Fund Dealers Association of Canada
Shaun Devlin, Senior Vice-President, Member Regulation, Enforcement, 416-943-4672, [email protected]
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