|By PR Newswire||
|April 4, 2014 04:50 PM EDT||
TORONTO, April 4, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced a disciplinary proceeding in respect of Clayton Kurt Swerdelian (the "Respondent"). In its Notice of Hearing dated March 21, 2014, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules or Policies of the MFDA:
Allegation #1: Between February 2006 and May 2007, the Respondent purchased $192,500 of shares in a private company in his name to be held on behalf of six clients and five individuals, thereby engaging in:
personal financial dealings with the six clients which created a conflict or potential conflict of interest between the Respondent and the six clients which the Respondent failed to ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.4 and 2.1.1; and
securities related business that was not carried on for the account and through the facilities of the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
Allegation #2: Between November 2007 and March 2009, the Respondent referred 15 clients and 12 other individuals to a company to obtain loans totaling $954,000, for which the Respondent was paid referral fees in the amount of $9,540, thereby:
having and continuing in another gainful occupation that was not disclosed to or approved by the Member, contrary to MFDA Rules 1.2.1(d) and 2.1.1; and
entering into a referral arrangement, contrary to MFDA Rules 2.4.2, 2.1.4 and Rule 2.1.1.
Allegation #3: Between September and November 2007, the Respondent failed to ensure that the leveraged investment strategies he recommended and facilitated in the accounts of seven clients were suitable for the clients and in keeping with their investment objectives, having regard to the clients' personal and financial circumstances, including their ability to afford the costs associated with the investment loans and to withstand investment losses, contrary to MFDA Rule 2.2.1 and Rule 2.1.1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on May 26, 2014 at 10:00 a.m. (Mountain) in the MFDA hearing room located at 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta. 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 and will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 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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