The Mutual Fund Dealers Association has issued its second disciplinary hearing notice in as many weeks.

The notice issued today commences disciplinary proceedings against Raymond Brown-John, a former B.C.-based mutual fund salesperson for Partners in Planning Financial Services Ltd.

According to the MFDA’s notice, John was terminated for cause by Partners in Planning in February 2003, based on allegations brought by the MFDA. He has not been registered since then.

MFDA staff allege that Brown-John:

  • misappropriated $83,000 from two clients;
  • recommended a client redeem mutual fund investments worth $67,000 and lend him the proceeds as an unsecured personal loan, which he failed to repay;
  • failed to comply with requests from the MFDA to provide documents and information when it was investigating a complaint made against him by a client; and
  • failed to carry out an agreement with the MFDA made on August 20, 2003 to provide the MFDA with copies of certain financial account statements.

None of the allegations have been proven. The hearing before the Pacific Regional Council of the MFDA is scheduled for March 2