MFDA announces disciplinary proceeding in respect of Charanjit Aul
TORONTO, Nov. 3, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Charanjit Goody Aul (the "Respondent"). In its Notice of Hearing dated October 10, 2014, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary the By-laws, Rules and/or Policies of the MFDA:
| Allegation #1: |
Between August 2009 and December 2011, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by recommending, selling, referring or facilitating the sale of an investment to a client and at least two other individuals outside the Member, contrary to MFDA Rules 1.1.1(a), 2.4.2 and 2.1.1. |
| Allegation #2: |
Between August 2009 and December 2011, the Respondent had and continued in another gainful occupation that was not disclosed to or approved by the Member by recommending, selling, referring or facilitating the sale of an investment product to a client and at least two other individuals outside the Member, contrary to MFDA Rule 1.2.1(c), 2.4.2 and 2.1.1. |
| Allegation #3: |
Between July 2013 and December 2013, the Respondent provided false and misleading information to MFDA Staff by denying that she received any referral fees or other remuneration in respect of the activity described in Allegations #1 and #2, thereby engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1. |
| Allegation #4: |
Between May 2008 and at least January 2013, the Respondent obtained, maintained and/or used approximately 46 forms which were signed by clients when the account forms were blank or only partially completed, contrary to MFDA Rule 2.1.1. |
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on December 16, 2014, at 1:00 p.m. (Pacific), in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will take place in the MFDA hearing room located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia, and will be open to the public, except as may be required for the protection of confidential matters. The hearing on the merits will take place in Vancouver, British Columbia at a time and venue to be announced.
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 carried on business in Vancouver, British Columbia.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 108 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
Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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