|By PR Newswire||
|February 3, 2014 06:04 PM EST||
TORONTO, Feb. 3, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced a disciplinary proceeding in respect of Robert Andrew Shaw (the "Respondent"). In its Notice of Hearing dated January 29, 2014, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between February 1, 2012 and June 30, 2012, the Respondent misappropriated approximately $437,000 from 4 clients by processing unauthorized redemptions in the clients' accounts and arranging for the redemption proceeds to be deposited in his personal bank account or in the bank accounts of other individuals, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing February 2012, the Respondent misled the Member during the course of its supervision and investigation of the Respondent's activities by making statements to the Member which he knew to be false, misleading or incorrect at the time and in the circumstances he made them, thereby engaging in conduct unbecoming an Approved Person contrary to MFDA Rule 2.1.1.
Allegation #3: Commencing July 31, 2012, the Respondent failed to cooperate with an investigation of his activities by the MFDA by failing to comply with requests to provide a written statement regarding allegations of unauthorized redemptions from client accounts and misappropriation of client monies, contrary to section 22.1 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 April 2, 2014 at 10:00 a.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The purpose of the appearance is to set a date for the hearing of this matter on its merits and to address any other procedural matters. The 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. During the period described in the Notice of Hearing, the Respondent carried on business in the Brooklin, 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 112 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
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