A disciplinary hearing has found that allegations made against a Saskatchewan mutual fund dealer and rancher are true.
The hearing, held May 16 in Regina by a panel of the Mutual Fund Dealers Association of Canada, substantiated three allegations by MFDA staff against Arnold Tonnies.
The MFDA said Tonnies had, around July 2002, borrowed $250,000 from two of his clients to finance his cattle operation.
This action placed his personal interest above that of his clients and put him into a conflict of interest.
The second allegation was that in borrowing money from clients, he didn’t abide by MFDA policies and failed “to observe high standards of ethics and conduct in the transaction of business.”
Read Also

Going beyond “Resistant” on crop seed labels
Variety resistance is getting more specific on crop disease pathogens, but that information must be conveyed in a way that actually helps producers make rotation decisions.
The third complaint was that Tonnies, around December 2003, did not provide, or produce for inspection, documents requested by the MFDA to investigate the complaints against him.
In all three cases Tonnies was found in contravention of various rules and bylaws of the MFDA.
The panel issued a News release
news saying it had found the complaints to be true and that it would issue written reasons and appropriate sanction “in due course.”
The MFDA is the self-regulator for approximately 70,000 mutual fund salespeople.