April 25, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Larry Denny McBain (“Respondent”). In its Notice of Hearing dated March 24, 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 October 2011 and August 2015, the Respondent obtained, possessed and, in some instances, used to process transactions, eight (8) pre-signed account forms in respect of five (5) clients, contrary to MFDA Rule 2.1.1.
Allegation #2: Between October 2011 and August 2015, the Respondent, acting in the capacity as branch manager, reviewed and approved the use of six (6) 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 Central Regional Council on May 25, 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.