MFDA issues Notice of Hearing regarding Wijaysri Sivasubramanian

TORONTO, Oct 8 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings against Wijaysri Sivasubramanian (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 about December 2007 and May 2008, the Respondent received $10,595.25 from client JN which he failed to invest on her behalf and account for, thereby failing to deal fairly, honestly and in good faith with client JN, contrary to MFDA Rule 2.1.1.
	Allegation #2: Between 2002 and 2008, the Respondent had and continued in another gainful occupation that was not disclosed to or approved by the Member by recommending and facilitating loans by six clients to two companies that the Respondent owned and operated, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
	Allegation #3:  Between 2002 and 2008, the Respondent failed to disclose to six clients who invested in two companies the extent of his interest in the two companies, thereby placing his own interests above those of the clients and giving rise to an actual or potential conflict of interest which he failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.1 and 2.1.4.
	Allegation #4: Between 2002 and 2008, the Respondent solicited and accepted a total amount of approximately $261,000 from six clients to be invested in two companies that the Respondent owned and operated and has failed to return or account for most of the monies, contrary to MFDA Rule 2.1.1.
	Allegation #5: Commencing on or about May 25, 2009, the Respondent has failed to respond to MFDA Staff and provide answers to undertakings given during his MFDA interview, contrary to section 22 of MFDA By-law No. 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 29, 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 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]