MFDA Hearing Panel makes findings against Lorne Piett and reserves judgment on penalty

TORONTO, July 25, 2012 /CNW/ - A disciplinary hearing in the matter of Lorne Michael Piett (the "Respondent") was held yesterday in Regina, Saskatchewan before a three-person Hearing Panel of the MFDA's Prairie Regional Council.

After hearing the submissions of MFDA Staff and the Respondent, the Hearing Panel found that the Respondent had engaged in the following misconduct:

1. Between November 2008 and April 2009, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending or facilitating the sale of 3 investment products to at least 10 clients outside of the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
2. Between February 2009 and April 2009, the Respondent engaged in conduct unbecoming an Approved Person by failing to respond fully or accurately to inquiries from the Member and by omitting relevant information in his responses to the Member during the course of the Member's investigation, contrary to MFDA Rule 2.1.1.

The Hearing Panel reserved its decision with respect to penalty and advised that it will issue its decision on penalty and written reasons in due course.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 121 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.

SOURCE: Mutual Fund Dealers Association of Canada

Shaun Devlin
Vice-President, Enforcement
416-943-4672 or [email protected]