MFDA announces disciplinary proceeding in respect of Nadine Wighton
TORONTO, May 29, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Nadine Wighton ("Respondent"). In its Notice of Hearing dated May 17, 2019, 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 December 24, 2009 and February 12, 2013, the Respondent failed to conduct adequate due diligence to learn, or accurately record on account documents, Know-Your-Client information for client PS, contrary to MFDA Rules 2.2.1 and 2.1.1.
Allegation #2: Between December 24, 2009 and February 12, 2013, the Respondent arranged for client PS's account statements to be delivered to a third party without the consent of client PS, thereby failing to ensure that the confidential information relating to client PS was maintained in confidence, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.5, 2.10, and 1.1.2.
Allegation #3: On January 26, 2011, the Respondent accepted and acted upon trade instructions regarding two purchases in client PS's investment account that the Respondent received from a third party who did not possess trading or signing authority over the investment accounts of client PS, and submitted the trades for processing without obtaining authorization from client PS, thereby engaging in unauthorized trading, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.5, 2.10, and 1.1.2.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on July 9, 2019 at 9:30 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the 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. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars. The Hearing on the Merits will take place in Toronto, Ontario.
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 from a branch located in Hamilton, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 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
Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]
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