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MFDA announces disciplinary proceeding in respect of Michael Farrell

·2 min read

TORONTO, Dec. 7, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Michael James Farrell ("Respondent"). In its Notice of Hearing dated November 20, 2020 ("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 June 14, 2013 and January 15, 2019, the Respondent obtained, possessed, and in some instances, used to process transactions, 172 pre-signed account forms in respect of 89 clients, contrary to MFDA Rule 2.1.1.

Allegation #2: Between June 6, 2013 and December 19, 2018, the Respondent altered and used to process transactions, 66 account forms in respect of 48 clients, by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1. Staff's investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on February 16, 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 matters. 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 hearings@mfda.ca to obtain particulars.

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 Oshawa, 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 81,000 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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View original content: http://www.newswire.ca/en/releases/archive/December2020/07/c2291.html