MFDA issues Notice of Settlement Hearing in respect of Joe Yalkezian

TORONTO, Oct. 20, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada (the "MFDA") announced that it has issued a Notice of Settlement Hearing dated October 14, 2021, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Central Regional Council.

The settlement agreement will be between Staff of the MFDA and Joe Ohanes Yalkezian (the "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:

1. between June 2011 and June 2019, engaged in personal financial dealings with clients when he:
1. paid monies to three clients so that they could pay the borrowing costs of their leveraged investments;
2. was indebted to a client at the time when he commenced servicing the client's account and thereafter borrowed additional monies from the client; and
3. loaned monies to nine clients;
   
   thereby giving rise to conflicts or potential conflicts of interest which the Respondent failed to disclose to the Member, or failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to the Member's policies and procedures, and MFDA Rules 2.1.4, 2.5.1, 1.1.2, and 2.1.1;
   
   
2. in October 2013, misled the Member with regard to the source of the monies that three clients used to pay the borrowing costs of their leveraged investments, contrary to MFDA Rules 2.2.1 and 2.1.1; and
   
   
3. between in or about 2016 and March 2020, engaged in an unapproved outside activity, contrary to the Member's policies and procedures and MFDA Rules 1.3.2 (formerly Rule 1.2.1(c)), 2.1.1, 2.5.1 and 1.1.2.

The settlement hearing will take place by electronic hearing on November 16, 2021, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held. Members of the public who would like to obtain particulars should contact [email protected].

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 carried on business in the Cobourg, Ontario area.

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 80,000 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, Vice-President, Enforcement, 416-943-4619, [email protected]

Related Links

https://mfda.ca/