TORONTO, ON , Aug. 8, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of David Michael Gordon ("Respondent") by Notice of Hearing dated April 23, 2018 , as amended on May 24, 2019 .
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing will take place on September 19, 2019 , commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be heard, in the hearing room at the British Columbia Securities Commission, 701 West Georgia Street, Suite 1200, Vancouver, British Columbia .
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns an allegation that the Respondent:
between 2009 and May 2016, failed to ensure that an investment recommendation he made to at least six clients to invest in precious metals sector funds was suitable having regard to the clients' relevant Know-Your-Client factors including their age, employment status, investment objectives, investment knowledge, risk tolerance, and time horizon, and the risks associated with concentrating their investment portfolio in precious metals sector funds, contrary to MFDA Rules 2.2.1 and 2.1.1; and
between 2009 and May 2016, failed to fully and adequately explain, or omitted to explain the risks and benefits of investing in precious metals sector funds to at least six clients, thereby failing to ensure that his recommendations were suitable for the clients and in keeping with their investment objectives, contrary to MFDA Rules 2.2.1 and 2.1.1.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Amended Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Amended Notice of Hearing, the Respondent conducted business in the Campbell River, British Columbia 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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