April 9, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of David Tobac (“Respondent”). In its Notice of Hearing dated March 15, 2018, 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: On October 12, 2016, the Respondent processed a redemption in a client account based on instructions from someone other than the client, contrary to MFDA Rule 2.1.1 and 2.3.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Prairie Regional Council on April 13, 2018 at 10:00 a.m. (Mountain), 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.
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 Winnipeg, Manitoba 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 82,000 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.