|By PR Newswire||
|September 4, 2014 05:01 PM EDT||
TORONTO, Sept. 4, 2014 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MDFA") has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario, on August 21, 2014, in the matter of Byron H. Daues (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement (the "Settlement Agreement") entered into between the Respondent and Staff of the MFDA. The following sanctions were imposed on the Respondent:
- will make a lump sum payment to client AS of all the monies owed to her pursuant to the judgment she obtained against him;
- shall, for a period of two (2) months, be suspended from conducting securities related business while in the employ of or associated with any MFDA Member;
- shall pay a fine in the amount of $10,000, payable in 10 installments of $1,000 due on or before the final business day of each month commencing November 28, 2014;
- shall pay costs in the amount of $5,000, payable in 10 installments of $500 due on or before the final business day of each month commencing November 28, 2014;
- if the Respondent fails to comply with the payment schedule, then without further notice to the Respondent, he shall summarily be suspended from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member, until all amounts due have been paid in full; and
- shall in the future comply with MFDA Rules 2.1.4 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
commencing in July 2011, he engaged in personal financial dealings with a client when he borrowed $40,000 from client AS, which he failed to repay, thereby giving rise to a conflict or potential conflict of interest which he failed to address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1;
he failed to report the following events, each of which constituted a complaint in respect of personal financial dealings with a client, to the Member within two (2) business days or at all:
client AS's verbal complaint to the Respondent in each of September, October, November and December 2011 in respect of the Respondent's failure to make payments on account of the monies he borrowed from client AS;
client AS's written complaint to the Respondent, dated January 18, 2012, in respect of the Respondent's failure to make payments on account of the monies he borrowed from client AS; and
client AS's civil action commenced against the Respondent in March 2012 claiming damages of $40,000 plus costs and interest, in respect of the monies he borrowed from client AS;
contrary to MFDA Policy No. 6, subsection 4.1(b)(v).
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Courtice, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 110 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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