TORONTO, Dec. 6, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada (the "MFDA") has commenced disciplinary proceedings in respect of Nicholas Andrew Rivet (the "Respondent"). In its Notice of Hearing dated November 16, 2021 (the "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: Between approximately December 2017 and January 2018, the Respondent misappropriated or failed to account for monies obtained from a client, contrary to MFDA Rule 2.1.1.
Allegation #2: On or about April 12, 2018, the Respondent created and provided a fictitious document to a client in order to conceal from the client that the Respondent had misappropriated the client's monies, contrary to MFDA Rule 2.1.1.
Allegation #3: On December 18, 2017 and January 4, 2018, the Respondent processed two trades in the accounts of a client without first obtaining instructions from the client with respect to all elements of the trades, contrary to the Member's policies and procedures and MFDA Rules 2.3.1(b), 2.1.1, 1.1.2, and 2.5.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on January 11, 2022 at 11:00 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 issues. 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 firstname.lastname@example.org 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 conducted business in the North Bay, 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 80,000 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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