October 24, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Eileen Marie Desgroseilliers (“Respondent”). In its Notice of Hearing dated September 7, 2017 (“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 about January 28, 2015 and April 2, 2015, the Respondent misappropriated at least $31,702 from clients KP and FP, thereby failing to deal honestly and in good faith with the clients, and engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1.
Allegation #2: Between January 26, 2015 and April 6, 2015, the Respondent held an account jointly with clients FP and KP, thereby giving rise to an actual or potential conflict of interest between the Respondent and clients KP and FP which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of clients KP and FP, contrary to MFDA Rules 2.1.4, 2.3.1 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 November 14, 2017 at 9:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, in order 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.
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.