TORONTO, Oct. 3, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Paul Leland Wemple (the "Respondent"). In its Notice of Hearing (the "Notice of Hearing") dated August 22, 2016, 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 February 8, 2002 and December 6, 2014, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending, referring or facilitating the sale of unapproved investment products to clients and other individuals outside the Member, contrary to MFDA Rules 1.1.1, 2.1.4, 2.4.2, and 2.1.1, and sections 13.7 to 13.10 of National Instrument 31-103.
Allegation #2: Between February 8, 2002 and December 6, 2014, the Respondent engaged in dual occupations, which were not disclosed to and approved by the Member, by:
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a) |
selling, recommending, referring or facilitating the sale of unapproved investment products to clients and other individuals outside the Member; |
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b) |
acting as the President, the Treasurer and a Director of a corporation known as Syndacore Technologies Management Inc.; |
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c) |
operating, including acting as an Officer and/or Director of, corporations known as Miser Lighting Inc., Miser Lighting Sales Inc. and Magnetic Lighting Sales Inc. |
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contrary to MFDA Rules 1.2.1(c) (now Rule 1.3.2) and 2.1.1. | |
Allegation #3: From February 8, 2002 to December 6, 2014, the Respondent misled the Member on compliance attestations and during compliance reviews when he failed to disclose that he was:
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a) |
selling, recommending, referring or facilitating the sale of unapproved investment products to clients and other individuals outside the Member; |
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b) |
acting as the President, the Treasurer and a Director of a corporation known as Syndacore Technologies Management Inc.; |
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c) |
operating, including acting as an Officer and/or Director of, corporations known as Miser Lighting Inc., Miser Lighting Sales Inc. and Magnetic Lighting Sales Inc.; |
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thereby interfering with the ability of the Member to supervise the Respondent, contrary to MFDA Rules 1.1.2, 2.5.1 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 November 2, 2016 at 10:00 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 first appearance will be open to the public, except as may be required for the protection of confidential matters.
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 Toronto, Ontario.
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.
SOURCE Mutual Fund Dealers Association of Canada
