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On October 22, 2008, The Mutual Funds Dealers Assocation of Canada (MFDA) published a disciplinary hearing pursuant to sections 20 and 24 of by-law NO. 1 of The Mutual Funds Dealers Assocation of Canada, against Michele Longchamps and Jeffrey Longchamps. The MFDA alleges that between October 2004 and June 2007, Michele, who was registered in Ontario as a mutual fund salesperson with WFG from December 1999 until April 2007, failed to deal fairly, honestly and in good faith with 22 clients by soliciting and accepting from them the total amount of $1,524,956.59 to invest on their behalf and failing to repay or otherwise account for all but $55,444.87 of the monies, contrary to MFDA Rule 2.1.1. The MFDA alleged that Jeffery(who was registered in Ontario as a mutual fund salesperson with WFG, working in the same branch as Michele from March 2005 until April 2007) between March 2005 and April 2007, had and continued in a dual occupation without obtaining the approval of the Member, WFG Securities Canada Inc. (“WFG”), contrary to MFDA Rule 1.2.1(d). The Hearing Panel has the power to impose any one or more of the following penalties:a reprimand,a fine not exceeding the greater of:$5,000,000.00 per offence; and an amount equal to three times the profit obtained or loss avoided by such person as a result of committing the violation. [1]
On October 21, 2008, The Mutual Funds Dealers Assocation of Canada (MFDA) published a disciplinary hearing against Purisima Dy (who was registered with WFG between July 1999 and December 2006) for fraudualnt and dishonest activity. Purisima Dy was convicted of "tax evasion" in 1995 while working for PSFL, fined a combined total of $148,500, and served a 60 days sentence for falsifying income tax return from 1988 to 1992. After being terminated in February 1999 from PSFL, WFG hired Dy just five months later. Furthermore, during the 2006 tax season, Dy (who was still a WFG associate at this point) "prepared fraudulent tax returns for 1,190 tax clients that included 1,393 false donation receipts totaling $3,791,338, thereby defrauding the Government of Canada tax revenues of $1,065,922.32. [2]
This material seems rather tangential. The Longchamps appear to have been acting without the authorization or knowledge of the WFG. Undoubtedly, many companies have employees who have broken laws. But I don't see any indication that WFG was held liable for the Longchamps' activities. Likewise for Dy. We should limit this article to things that WFG did, or that people say about WFG, but they aren't responsible for everything done by their employees or brokers. Will Beback talk 21:00, 7 May 2009 (UTC) for their own benefit.
This diff should probably be reverted. What's wrong with the source ? It is the subject's own website, so it may be biased, but unlike other things, providers are not a hotly debated information. Cheers Nicolas1981 ( talk) 11:59, 17 May 2009 (UTC)
Are all of the compliance lawsuits against other, similar, finance industry companies published to Wiki? Merrill Lynch, Edward Jones, Charles Schwab, etc.? If so, fine. If not, and unless a specifically cited case _clearly_ ties to a larger issue, this has no place here. Cprael ( talk) 18:08, 9 March 2015 (UTC)
There seems to be an ongoing dispute over the connection between WMA and WFG. Bloomberg is a reliable source for reporting about businesses, and it clearly decribes WMA as the predecessor to WFG. If there are other views we can include those too, but well-sourced material shouldn't be deleted just because we "know" that they're wrong. Will Beback talk 23:42, 13 July 2010 (UTC)
I proposed merging World Group Securities to this article. They seem to be closely connected affiliates, and there is substantial overlap between the articles. Will Beback talk 05:53, 30 March 2011 (UTC)