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MFDA fines, bans former mutual fund rep

first_img James Langton Share this article and your comments with peers on social media Judge gavel, scales of justice and law books in court flynt/123RF Related news Facebook LinkedIn Twitter A Mutual Fund Dealers Association of Canada (MFDA) hearing panel has ordered that former fund rep David Hamilton Cudmore be banned permanently from the investment industry, fined $125,000 and ordered to pay costs of $7,500, following a disciplinary hearing that concluded he failed to co-operate with an MFDA investigation.The MFDA brought the allegation against Cudmore, who was a mutual fund rep with Quadrus Investment Services Ltd. and dually licensed as an insurance agent with London Life Insurance Co. in Charlottetown, P.E.I., after he was terminated by those firms, but failed to respond to the self-regulatory organization’s subsequent efforts to investigate. Mouth mechanic turned market manipulator According to the regulator’s allegations, both Quadrus and London Life terminated Cudmore following accusations that he was “engaged in irregular and potentially unethical business practices.” Once the MFTDA was informed about the termination in June 2015, it tried to launch its own investigation. However, the MFDA reports that Cudmore never responded to those efforts.“To date, the respondent has failed to provide staff with a written statement responding to staff’s requests for information concerning his knowledge of matters that were under investigation and has failed to attend an interview with staff to give information concerning his knowledge of matters under investigation, thereby failing to co-operate with staff’s regulatory investigation,” the MFDA said in its notice of hearing against him. Keywords EnforcementCompanies Mutual Fund Dealers Association PwC alleges deleted emails, unusual transactions in Bridging Finance case BFI investors plead for firm’s salelast_img read more

No Divestment of Dunn’s River Falls Says Senator Williams

first_imgRelatedPrime Minister Golding Announces Cabinet Changes Advertisements FacebookTwitterWhatsAppEmail Minister of Information and the Public Service, Senator Arthur Williams has made it clear that Dunn’s River Falls will not be divested by the Government of Jamaica. In a release to clarify information being circulated in the media today, Minister Williams emphasized that Dunn’s River Falls is not among the UDC attractions slated for privatization by way of concession agreement. The UDC attractions slated for privatization by way of concession agreement, that is, contracting-out the management and development of the assets, are as follows: ·        Reach Falls ·        Green Grotto Caves ·        Two Sisters Cave ·        Laughing Waters Restaurant and Beach Club  ·        Turtle River Park ·        Top Forte/Belmont/Roaring River/Malvern Park However, the Minister noted that while Dunn’s River Falls does not form part of the entities for contracting out of the management, the Consultants, Deloitte and Touche Tohmatsu, will be engaged to provide the Government of Jamaica with a strategy to improve the profitability of the operations, with the Government of Jamaica retaining management of the facility. No Divestment of Dunn’s River Falls Says Senator Williams Office of the Prime MinisterNovember 10, 2011center_img RelatedNo Divestment of Dunn’s River Falls Says Senator Williams RelatedNo Divestment of Dunn’s River Falls Says Senator Williamslast_img read more