Le Lézard
Classified in: Business
Subject: LAW

MFDA announces disciplinary proceeding in respect of Blaise Leslie Szekely


TORONTO, Jan. 16, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Blaise Leslie Szekely ("Respondent"). In its Notice of Hearing dated December 19, 2018, 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: Commencing in November 2009, the Respondent solicited approximately $287,542 from two clients and two individuals for investment outside the Member, and has failed to fully repay or account for these monies, contrary to MFDA Rule 2.1.1.

Allegation #2: Commencing in November 2009, the Respondent solicited approximately $287,542 from two clients and two individuals for investment outside the Member, thereby engaging in:

a)

securities related business which was not carried on for the account of the Member or
through its facilities, contrary to the Member's policies and procedures, and MFDA Rules
1.1.1 and 2.1.1; or

b)

alternatively, a dual occupation which was not disclosed to or approved by the Member,
contrary to the Member's policies and procedures, and MFDA Rules 1.2.1(d) (now MFDA
Rule 1.3)1 and 2.1.1

 

Allegation #3: Between July 2010 and October 2016, the Respondent engaged in personal financial dealings with two clients by:

a)

soliciting approximately $80,000 for investment outside the Member, and entering into an
agreement to invest the monies on behalf of the clients and pay the investment principal
and interest to the clients; and

b)

soliciting approximately $10,000 for a joint investment with the Respondent in a private
investment club operated by the Respondent outside the Member;




which gave rise to a conflict or potential conflict of interest that the Respondent failed to disclose to the Member or in writing to the clients and failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to the Member's policies and procedures, and MFDA Rules 2.1.4 and 2.1.1; and

 

Allegation #4: Commencing on August 30, 2017, 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 February 15, 2019 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 matters. 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 [email protected] to obtain particulars. The Hearing on the Merits will take place in Edmonton, Alberta.

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 Edmonton, 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 82,000 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.

1 MFDA Rule 1.2.1(d) concerning the conditions under which an Approved Person could engage in outside activities was renumbered as MFDA Rule 1.2.1(c) effective December 3, 2010 and was amended and renumbered as MFDA Rule 1.3 effective on March 17, 2016.  In this case, Staff is relying on Rule 1.2.1(d), the version of the Rule that was in effect when the Respondent initially solicited money as described in this allegation.

 

SOURCE Mutual Fund Dealers Association of Canada


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