MFDA announces disciplinary proceeding in respect of Jack Oosterveld
TORONTO, May 29, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Jack Oosterveld (the "Respondent"). In its Notice of Hearing dated May 28, 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 2009 and May 2010, the Respondent referred 56 clients and three other individuals to a company selling an exempt market product, and received at least $33,158.67 in referral fees for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with sections 13.7 to 13.10 of National Instrument 31-103; and
Allegation #2: Between March 2009 and May 2010, the Respondent had and continued in another gainful occupation that was not disclosed to the Member by selling, recommending, referring or facilitating the sale of an exempt market product to 56 clients and three other individuals, and received at least $33,158.67 in referral fees for doing so, contrary to MFDA Rules 1.2.1(d) (now MFDA Rule 1.2.1(c)) and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on July 15, 2015 at 10:00 a.m. (Mountain), 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 take place in the hearing room at the MFDA offices, located at 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta, and will be open to the public, except as may be required for the protection of confidential matters. The Hearing on the Merits will take place in Edmonton, Alberta at a time and venue to be announced.
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 carried on business in Edmonton, Alberta.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 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]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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