THUNDER BAY — The Mutual Fund Dealers Association of Canada has started disciplinary proceedings against a member based in Thunder Bay.
The MFDA alleges that David Len Carleton Richard engaged in conduct contrary to its by-laws, rules or policies.
Specifically, the association makes the following accusations:
- between 2015 and 2018, Richard misappropriated or failed to account for approximately $98,550 that he received from two clients
- in about 2017, he produced a fabricated account statement which concealed that he had misappropriated or failed to invest a client's money
During the above period, Richard conducted business in the Thunder Bay area.
His first appearance in the disciplinary proceeding will take place by teleconference before a hearing panel of the Mutual Fund Dealers Association on Aug. 11, 2020 to schedule a date for the commencement of the hearing.
The MFDA is the self-regulatory organization for mutual fund dealers, overseeing the operations, standards of practice and business conduct of its members with a mandate to protect investors and the public interest.
