Le Lézard
Classified in: Business
Subject: LAW

MFDA announces disciplinary proceeding in respect of Douglas Tuitakalai


TORONTO, June 2, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Douglas Elia Tuitakalai ("Respondent"). In its Notice of Hearing dated April 21, 2020 ("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: Commencing in or about May 2017, the Respondent engaged in personal financial dealings with a client with respect to an arrangement to assign agreements of purchase and sale for two properties from the Respondent and his family members to the client, contrary to the Member's policies and procedures and MFDA Rules 2.1.4, 2.1.1, 2.5.1, and 1.1.2.

Allegation #2: Commencing on or about October 17, 2017, the Respondent had and continued in an outside activity with respect to the purchase and resale of real estate that was not disclosed to or approved by the Member, contrary to the Member's policies and procedures and MFDA Rules 1.3.2, 2.1.1, 1.1.2, and 2.5.1.

Allegation #3: Commencing on or about September 23, 2019, the Respondent failed to cooperate with MFDA Staff's investigation 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 Central Regional Council on July 7, 2020 at 10:00 a.m. (Eastern), 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 hearings@mfda.ca 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 carried on business in the Brampton, 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


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