By The Book:

(August 19, 2008) An MFDA hearing panel has issued reasons for its decision in an August 6 settlement with Patrick Sullivan.

Sullivan, a 37-year industry veteran, had been a director of British Columbia–based All Island Equity Mortgage Investment Corporation (AIEMIC), with the full knowledge of his firm, IQON.

He had agreed to limit his participation in AIEMIC to the role of director, but between May 29, 1998, and the spring of 2006, he took on a more active role, contrary to his agreement with his dealer. Due to this non-compliance, he was dropped by IQON in October 2006 and subsequently registered with the IDA.

Under the MFDA settlement agreement, Sullivan must pay a $30,000 fine, plus $5,000 in costs. The MFDA notes that Sullivan was cooperative at all times during its investigation. The hearing panel considered the respondent’s clean disciplinary record over his long career to be a mitigating factor.

MFDA opens hearing against Legare

(August 19, 2008) The MFDA has launched disciplinary proceedings against Marlene Legare, who allegedly borrowed $49,650 from a client to pay personal expenses, thereby creating a conflict of interest.

The MFDA hearing panel will also consider the fact that Legare failed to attend a hearing in August 2007 to explain her actions.

(08/19/08)

Staff

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