February 6, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Mary Dee Happy Iturralde (the “Respondent”) by Notice of Hearing dated October 12, 2016 (the “Notice of Hearing”).
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing in this proceeding will take place on February 7, 2017, commencing at 10:00 a.m. (Eastern) or as soon thereafter as the matter can be heard, in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario.
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:
- in or about May 2013, accepted a $20,000 bank draft from a client payable to the Respondent personally, and deposited the monies into the Respondent’s bank account, in order to facilitate the client’s investment in a discount travel ticket business, thereby engaging in conduct giving rise to a conflict or potential conflict of interest which the Respondent failed to address by exercise of responsible business judgment influenced only by the best interest of the client; and
- between December 2011 and April 2014, authorized and/or permitted an individual to use the Respondent’s personal bank accounts and credit cards to operate a discount travel ticket business which was subsequently determined to be fraudulent, thereby engaging in conduct or practice which is unbecoming or detrimental to the public interest.
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.
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 83,000 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.