MFDA sets settlement hearing for Mary Lambros

The MFDA today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Central Regional Council.

The settlement agreement will be between Staff of the MFDA and Mary Lorelei Lambros (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The subject matter of the proposed settlement agreement concerns allegations that:

(a) from June 28, 2005 to December 20, 2007, while she was a joint owner with right of survivorship over a client’s account:

i. the Respondent engaged in conduct that gave rise to an actual or potential conflict of interest between the Respondent and the client which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1; and ii. the Respondent carried out trades in the client’s account on at least four occasions in respect of which she alone authorized the trades and determined the securities traded, contrary to MFDA Rule 2.3.1(a) and 2.1.1.

(b) between February 2006 and December 2007, the Respondent engaged in personal financial dealings with clients and engaged in securities related business that was not carried out for the account and through the facilities of the Member by participating in the development of a Bahamian Property, contrary to the Member’s policies and procedures and MFDA Rules 1.1.1(a), 1.1.2, 1.1.5, 1.2.1(d), 2.1.4, 2.5.1 and 2.1.1.

A first appearance teleconference will take place on December 13, 2010, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, in the hearing room located at the MFDA offices, 121 King Street West, Suite 1000, Toronto, Ontario to set a date for a hearing. The hearing will be open to the public, except as may be required for the protection of confidential matters.

Click here to read a copy of the Notice of Settlement Hearing.

(11/19/10)

Staff

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