December 21, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (the “MFDA”) has commenced disciplinary proceedings in respect of Donald Lorne Gable (the “Respondent”). In its Notice of Hearing dated December 19, 2022 (the “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 September 2017 and November 2017, the Respondent engaged in securities related business that was not carried on for the account of the Member or conducted through its facilities by recommending, selling, or facilitating the sale of securities to at least one individual, contrary to the Member’s policies and procedures and MFDA Rules 1.1.1, 2.1.1, and 1.1.2 (as it relates to Rule 2.5.1).
Allegation #2: Between April 2017 and November 2017, the Respondent referred potential investors to invest in companies and received compensation for doing so, thereby participating in a referral arrangement to which the Member was not a party, contrary to the Member’s policies and procedures and MFDA Rules 2.4.2, 2.1.1, and 1.1.2 (as it relates to Rule 2.5.1).
Allegation #3: Between April 2017 and November 2017, the Respondent engaged in outside activities that were not approved by the Member, contrary to the Member’s policies and procedures, and MFDA Rules 1.3.1, 2.1.1, and 1.1.2 (as it relates to Rule 2.5.1).
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Prairie Regional Council on February 2, 2023 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 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 email@example.com to obtain particulars.
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 76,695 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.