MFDA Hearing Panel make findings of misconduct against Guy Dudding
TORONTO, Dec. 7, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Guy Edward Dudding ("Respondent") by Notice of Hearing dated May 18, 2021, as amended on September 24, 2021.
The hearing of this matter on its merits was held electronically by videoconference on December 1-2, 2021, before a three-member Hearing Panel of the MFDA's Prairie Regional Council. After receiving evidence and hearing submissions from the parties with respect to misconduct, the Hearing Panel found that the five allegations set out in the Amended Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct:
Allegation #1: Between June 2015 and May 2019, the Respondent misappropriated or otherwise failed to account for client monies, contrary to MFDA Rules 2.1.1, 2.5.1 and 1.1.2.
Allegation #2: Between November 2016 and February 2017, the Respondent borrowed monies from a client, thereby engaging in personal financial dealings with a client which gave rise to a conflict or potential conflict of interest that he failed to disclose to the Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the policies and procedures of the Member and MFDA Rules 2.1.4, 2.1.1, 2.5.1 and 1.1.2.
Allegation #3: On or about May 9, 2017, the Respondent provided a falsified account statement to a client, contrary to MFDA Rule 2.1.1.
Allegation #4: Between August 2015 and March 2020, the Respondent made false or misleading statements:
- to the Member in response to its supervisory inquiries; and
- to the Member or MFDA Staff during the course of investigations into his conduct;
contrary to MFDA Rule 2.1.1.
Allegation #5: Commencing in March 2020, the Respondent failed to cooperate with an investigation by MFDA Staff into his conduct, contrary to section 22.1 of MFDA By-Law No. 1.
The Hearing Panel advised that it will issue written reasons for its decision as to misconduct in due course. Submissions with respect to sanctions will take place by electronic hearing before the Hearing Panel on a date to be determined and announced accordingly.
A copy of the Amended Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Amended Notice of Hearing, the Respondent carried on business in the Lloydminster, Alberta 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 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
Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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