MFDA Hearing Panel makes findings against Roman Vendrov

TORONTO, July 16, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Roman Vendrov ("Respondent") by Notice of Hearing dated October 12, 2018.

The misconduct phase of this disciplinary proceeding was held on July 15, 2019 in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel found that the two allegations concerning the Respondent set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct against the Respondent:

Allegation #1: In March 2016, the Respondent submitted a line of credit application on his own behalf which contained false information and fabricated supporting documents, thereby failing to observe high standards of ethics and conduct in the transaction of business or engaging in conduct which is unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1.

Allegation #2: Commencing in December 2016, the Respondent failed to cooperate with MFDA Staff during the course of an investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.

The Hearing Panel advised that it will issue written reasons for its decision as to misconduct in due course.

Submissions with respect to penalty will take place on July 29, 2019, commencing at 9:30 a.m. (Eastern), or as soon thereafter as the matter can be heard, in the hearing room at the offices of the MFDA, 121 King Street West, Suite 1000, Toronto, Ontario. The proceeding will continue to 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 the Toronto, Ontario 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 81,000 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