November 15, 2016 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Gerard Van Schothorst (the “Respondent”). In its Notice of Hearing dated September 21, 2016 (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 August 27, 2012 and January 21, 2015, the Respondent obtained, possessed and in some instances used to process transactions, five (5) pre-signed account forms in respect of two (2) clients, contrary to MFDA Rule 2.1.1.
Allegation #2: Between August 27, 2012 and January 21, 2015, the Respondent, acting in his capacity as branch manager, reviewed and approved the use of five (5) pre-signed account forms, contrary to MFDA Rules 2.5.5(f) and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Prairie Regional Council on December 5, 2016, 2016 at 10:00 a.m. (Mountain), or as soon thereafter as the matter can be heard, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will take place in the hearing room at the offices of the MFDA, located at 800 – 6th Avenue S.W., Suite 850, Calgary, Alberta, and will be open to the public, except as may be required for the protection of confidential matters. The Hearing on the Merits will take place in Calgary, Alberta at a time and venue to be announced.
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 Lethbridge, Alberta 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 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.
DM 510989 v1