MFDA announces disciplinary proceeding in respect of Grant Manning
TORONTO, May 25, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Grant Monty Manning (the "Respondent"). In its Notice of Hearing dated April 20, 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: Between March 8, 2002 and November 26, 2012, the Respondent engaged in personal financial dealings with client KK where:
| a) |
client KK held $390,000 in shares and promissory notes of Manning Insurance and Investments Co. Ltd. ("MIIC"), a corporation in which the Respondent had a direct or indirect interest, during the time the Respondent was responsible for servicing her mutual fund accounts; and |
| b) |
the Respondent recommended and facilitated a loan of $36,000 by client KK to MIIC; |
| thereby giving rise to actual or potential conflicts of interest between the Respondent and client KK which the Respondent failed to address 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. |
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Allegation #2: Between March 8, 2002 and November 26, 2012, the Respondent misled the Members with which he was registered by falsely stating that he had not engaged in personal financial dealings with a client, thereby failing to observe high standards of ethics and conduct in the transaction of business and interfering with the ability of the Members to conduct reasonable supervisory investigations of the Respondent's activities, contrary to MFDA Rules 1.1.2, 2.5.1 and 2.1.1.
Allegation #3: Commencing October 25, 2013, the Respondent has failed to attend an interview to provide a statement and to produce information, documents and records as requested by MFDA Staff during the course of an investigation, 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 10:00 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 Mississauga, 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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