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23.12.2020 22:48:00
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MFDA announces settlement hearing to take place in respect of Douglas Tuitakalai
TORONTO, Dec. 23, 2020 /CNW/ - Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Douglas Tuitakalai ("Respondent") by Notice of Hearing dated April 21, 2020.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will proceed by electronic hearing on February 8, 2021, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard. Members of the public who would like to obtain particulars should contact hearings@mfda.ca.
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 allegations that the Respondent:
a) | Commencing in or about May 2017, the Respondent engaged in personal financial dealings with a client, contrary to the Member's policies and procedures and MFDA Rules 2.1.4, 2.1.1, 2.5.1, and 1.1.2; |
b) | Commencing on or about October 17, 2017, the Respondent had and continued in an outside activity, contrary to the Member's policies and procedures and MFDA Rules 1.3.2, 2.1.1, 1.1.2, and 2.5.1; and |
c) | Commencing on or about September 23, 2019, the Respondent failed to cooperate with MFDA Staff's investigation into his conduct by withholding certain documentation and information relevant to Staff's investigation, contrary to section 22.1 of MFDA By-law No. 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 Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in Brampton, 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 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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