MFDA issues Notice of Hearing regarding Patricia Cuthbert

TORONTO, Nov. 29 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings against Patricia Marva Cuthbert (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 July 2, 2006 and June 2008, the Respondent engaged in personal financial dealings with client EB by borrowing from her on two occasions a total of approximately $14,300, which the Respondent failed to repay in accordance with the terms of two promissory notes, thereby giving rise to a conflict or potential conflict of interest which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of the client.
				Allegation #2: Commencing on or about July 2, 2006, the Respondent failed to comply with the policies and procedures of the Member in respect of conflicts of interest and borrowing from clients by borrowing monies from client EB on two occasions.

The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on January 20, 2011 at 9:00 a.m. (Pacific). 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]