Briefly:

(June 25, 2008) The Mutual Fund Dealers Association of Canada (MFDA) commenced disciplinary proceedings today, against Marlene Legare.

MFDA staff alleges in its notice of hearing that Marlene Legare engaged in the following conduct, contrary to the bylaws, rules or policies of the MFDA:

• Between November 2005 and June 2006, Legare borrowed $49,650 from client SG to cover personal expenses, thereby placing her own interests above those of her client and giving rise to an actual or potential conflict of interest, contrary to MFDA Rule 2.1.4 and MFDA Rule 2.1.1.
• Commencing August 24, 2007, Legare failed to attend and give information to the MFDA during the course of an investigation, contrary to section 22.1(c) of MFDA By-law No. 1.

The first appearance in this matter will take place by teleconference before a hearing panel at the offices of the MFDA at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia, on Monday, August 18, 2008, at 10 a.m. (Vancouver).

TD to acquire the ABN AMRO Bank in Canada

(June 25, 2008) TD Bank Financial Group signed a definitive agreement to acquire the Asset Based Lending (ABL) business of ABN AMRO Bank N.V. Canada Branch (ABN), effective on or before September 30, 2008. The business will operate as TD Asset Finance when it becomes part of TD this summer.

The acquisition is part of TD’s plan to expand the bank’s commercial lending business.

ABN’s Asset Based Lending business serves a wide variety of commercial clients with Asset Based Lending products including secured revolving lines of credit and associated term loans.

The Canada branch provides its domestic and international clients with a wide range of financial services representing a significant cross-section of all offerings from across the bank’s network.

ABN AMRO Bank N.V. is a subsidiary undertaking of The Royal Bank of Scotland.

(06/25/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.