MFDA issues Notice of Hearing regarding Michael Ryan

TORONTO, Nov. 29 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings against Michael Anthony Ryan (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: Commencing on or about September 14, 2003 and continuing to May 30, 2008, the Respondent accepted and held a general power of attorney from client DG in favour of himself.

Allegation #2: Between 2005 and 2008, the Respondent engaged in personal financial dealings with client DG by accepting a total of $32,000 from client DG, thereby placing his own interests ahead of the client's interests and creating a conflict or potential conflict of interest that the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of the client.

Allegation #3:  Commencing May 19, 2010, the Respondent has failed to provide MFDA Staff with answers to undertakings given at his interview during the course of an investigation.

The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on December 14, 2010 at 11:00 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 136 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]