MFDA issues Notice of Settlement Hearing in respect of Carlos Morante
TORONTO, April 4, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") announced that it has issued a Notice of Settlement Hearing dated March 29, 2019 regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Prairie Regional Council.
The settlement agreement will be between Staff of the MFDA and Carlos David Morante ("Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws.
The proposed settlement agreement concerns allegations that the Respondent:
a) |
between December 2016 and January 2017, misappropriated $1,300 by directing the proceeds of redemptions from a joint account that he and his former spouse had opened for the benefit of their children to the Respondent's personal bank account without the knowledge or authorization of his former spouse, thereby failing to deal fairly, honestly and in good faith with the client, and engaging in business conduct which is unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1; and |
b) |
in December 2016, signed client YM's signatures and initials on two trade forms without the knowledge or authorization of client YM, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.10 and 1.1.2. |
The settlement hearing will take place on August 15, 2019, commencing at 10:00 a.m. (Mountain), or as soon thereafter as the matter can be held, in the hearing room at the offices of the MFDA, 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent conducted business in Calgary, Alberta.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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