MFDA issues Notice of Hearing regarding James Vilfort

TORONTO, Oct. 13 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings against James Vilfort (the "Respondent").

MFDA staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary to the By-laws, Rules or Policies of the MFDA:

Allegation #1: Between January and July 2008, the Respondent misappropriated a total of $11,719.37 from three clients, thereby failing to deal fairly, honestly and in good faith with the clients, contrary to MFDA Rule 2.1.1.

Allegation #2: After resigning from the Member on July 14, 2008, the Respondent failed to remit, return and deliver to the Member client information and files in his possession, including supervisory records, contrary to the terms of an agreement with the Member, thereby:

(a)	failing to comply with MFDA Rules 1.1.2 and 1.1.5(f), and MFDA Rule 2.1.1;
(b)	failing to comply with the Member's policies and procedures, contrary to MFDA Rules 1.1.2 and 2.5.1, and MFDA Rule 2.1.1; and
(c)	interfering with the Member's ability to comply with the requirements of MFDA Rule 5.1 to keep such books, records and other documents as are necessary for the proper recording of its business transactions, financial affairs and the transactions its executes on behalf of others, contrary to MFDA Rules 1.1.2 and 2.5.1, 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 October 27, 2010 at 10:00 a.m. (Eastern). The purpose of the first appearance is to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters, and 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.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 137 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.

For further information:

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