MFDA issues Notice of Hearing regarding Tadeusz Bytnar

TORONTO, Aug. 25 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings against Tadeusz ("Ted") Bytnar. MFDA Staff alleges in its Notice of Hearing that Mr. Bytnar engaged in the following conduct contrary to the By-laws, Rules or Policies of the MFDA:

Allegation #1: In 2003 and 2005, Mr. Bytnar engaged in securities related business that was not carried on for the account of the Member and through the facilities of the Member by selling, referring, or facilitating the sale of an investment product that was not approved for sale by the Member to four individuals, two of whom were clients of the Member.

Allegation #2: In 2003 and 2005, Mr. Bytnar engaged in a dual occupation that was not disclosed to and approved by the Member by selling, referring or facilitating the sale of an investment product to four individuals, two of whom were clients of the Member.

Allegation #3: In 2008 and 2009, Mr. Bytnar interfered with the ability of the Member to conduct a reasonable supervisory investigation of his conduct by providing false and misleading responses to the Member in the course of its investigation.

Allegation #4: Commencing August 2009, by failing to comply with a request by MFDA Staff that he provide copies of bank statements for the material time under investigation, Mr. Bytnar failed to cooperate with an MFDA investigation.

The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council in the hearing room located at the offices of the MFDA, 800-6^th Avenue SW, Calgary, Alberta on September 17, 2010 at 10:00 a.m. (Mountain), or as soon thereafter as the appearance can be held.

The purpose of the first appearance is to schedule a date for the commencement of the hearing on its merits and to address any other procedural matters. The first appearance 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 139 Members and their approximately 73,000 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]