MFDA announces settlement hearing to take place in respect of Dorothy Gabrysz
TORONTO, Oct. 4, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Dorothy Jean Gabrysz ("Respondent") by Notice of Hearing dated December 14, 2018.
An appearance in this proceeding was held on October 3, 2019 by teleconference before a Hearing Panel of the MFDA's Central Regional Council.
As a result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will take place on November 20, 2019, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard, in the hearing room at the offices of the MFDA, 121 King Street West, Suite 1000, Toronto, Ontario.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent,
a) |
in November 2009, prepared and submitted client account forms and a loan application for client SR which the Respondent knew contained false and misleading information, thereby failing to observe high standards of ethics and conduct in the transaction of business and engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1; |
b) |
in November 2009, failed to perform the necessary due diligence to learn the essential facts relative to client SR to ensure that the leveraged investment recommendations the Respondent made to client SR satisfied the Member's leverage suitability requirements in its policies and procedures, contrary to MFDA Rules 2.2.1, 1.1.2, 2.5.1, and 2.1.1; and |
c) |
after receiving a complaint from client SR in December 2015, the Respondent failed to report the complaint to the Member, contrary to the Member's policies and procedures, MFDA Policy No. 3 subsection 9-2, MFDA Policy No. 6, subsection 4.1(a), and MFDA Rules 1.1.2, 1.4(b), 2.5.1, and 2.1.1. |
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
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 Richmond Hill, 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 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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