MFDA announces disciplinary proceeding in respect of James Scribnock

TORONTO, March 13, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced a disciplinary proceeding in respect of Jacques James Scribnock (the "Respondent"). In its Notice of Hearing dated February 21, 2014, 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 26, 2009 and March 1, 2011, the Respondent misappropriated at least $859,723.45 from four clients, thereby failing to deal fairly, honestly and in good faith with the clients and engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1.

Allegation #2: The Respondent failed to cooperate with an investigation of his activities by MFDA Staff by:

a)	failing to respond truthfully to questions posed by MFDA Staff and withholding relevant information from MFDA Staff during an interview on December 2, 2011; and
b)	commencing August 24, 2012, failing to attend an interview to provide a statement and to produce 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 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, 2014 at 1:00 p.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. The 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 carried on business in the Ottawa, 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 111 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

Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]