TORONTO, ON, May 12, 2021 /CNW/ – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Wayne Brian Charlton (the “Respondent”). In its Notice of Hearing dated April 30, 2021 (“Notice of Hearing”), 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 October 3, 2017 and November 26, 2018, the Respondent engaged in discretionary trading when he processed 7 redemptions for 3 clients without obtaining instructions from the clients with respect to the mutual funds to be redeemed in the clients’ accounts, contrary to MFDA Rules 2.3.1(b) and 2.1.1.
Allegation #2: Between October 3, 2017 and November 26, 2018, the Respondent failed to record and maintain evidence of client trade instructions with respect to 4 redemptions in 4 client accounts, contrary to the Member’s policies and procedures and MFDA Rule 1.1.2, 2.5.1 and 5.1(b).
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on July 20, 2021 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact firstname.lastname@example.org to obtain particulars.
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
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