June 11, 2021 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Guy Edward Dudding (the “Respondent”). In its Notice of Hearing dated May 18, 2021 (“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 June 2015 and May 2019, the Respondent misappropriated or otherwise failed to account for client monies, contrary to MFDA Rules 2.1.1, 2.5.1 and 1.1.2.
Allegation #2: Between November 2016 and February 2017, the Respondent borrowed monies from a client, thereby engaging in personal financial dealings with a client which gave rise to a conflict or potential conflict of interest that he failed to disclose to the Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the policies and procedures of the Member and MFDA Rules 2.1.4, 2.1.1, 2.5.1 and 1.1.2.
Allegation #3: On or about May 9, 2017, the Respondent provided a falsified account statement to a client, contrary to MFDA Rule 2.1.1.
Allegation #4: Between August 2015 and March 2020, the Respondent made false or misleading statements:
- to the Member in response to its supervisory inquiries; and
- to the Member or MFDA Staff during the course of investigations into his conduct;
contrary to MFDA Rule 2.1.1.
Allegation #5: Commencing in March 2020, the Respondent failed to cooperate with an investigation by MFDA Staff into his conduct, contrary to section 22.1 of MFDA By-Law No. 1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Prairie Regional Council on June 24, 2021 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 firstname.lastname@example.org to obtain particulars.
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 conducted business in the Lloydminster, 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 80,000 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.