TORONTO, ON, April 16, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Liliana Marin (the "Respondent"). In its Notice of Hearing dated March 17, 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 January 2016 and November 2019, the Respondent engaged in personal financial dealings with a client by depositing cheques from the client into a bank account that she could access or control and made payments to the client or to third parties on behalf of the client, thereby engaging in conduct which gave rise to a conflict or potential conflict of interest that the Respondent failed to disclose to the Member or otherwise ensure was addressed by the exercise of responsible business judgment influenced only the best interests of the client, contrary to the Member's policies and procedures and MFDA Rules 2.1.4, 1.1.2, 2.5.1, and 2.1.1.
Allegation #2: Between January 2016 and November 2016, the Respondent engaged in an outside activity by operating a tax preparation and bookkeeping services business that was not disclosed to or approved by the Member, contrary to the Member's policies and procedures and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3)1, 1.1.2, 2.5.1 and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on May 14, 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 Hearing on the Merits will take place in Toronto, Ontario.
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.
1 MFDA Rule 1.2.1(c) was amended and renumbered as MFDA Rule 1.3 effective March 17, 2016.
SOURCE Mutual Fund Dealers Association of Canada
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