August 14, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Gregory Burke (“Respondent”) by Notice of Hearing dated May 24, 2017 (“Notice of Hearing”).
A disciplinary hearing in this matter was held August 10, 2017 in Halifax, Nova Scotia before a three-member Hearing Panel of the MFDA’s Atlantic Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts (“Agreed Statement of Facts”) in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which he could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1. In particular, the Respondent admitted that between August 2011 and November 2015, he sent written communications to seven (7) clients containing misleading or incomplete information, unwarranted or exaggerated claims, and/or failing to identify the material assumptions upon which conclusions were based, contrary to MFDA Rules 2.8.2 and 2.1.1.
After hearing submissions from the parties with respect to penalty, the Hearing Panel reserved its decision and advised that it will issue its decision and written reasons in due course.
Copies of the Agreed Statement of Facts and the Notice of Hearing are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent conducted business in the Halifax, Nova Scotia 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.
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