MFDA announces settlement hearing to take place in respect of Vasant Patel
TORONTO, April 24, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Vasant Pragjibhai Patel ("Respondent") by Notice of Hearing dated November 21, 2019.
An appearance in this proceeding was held today by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will take place by electronic hearing on June 2, 2020 at 9:00 a.m. (Pacific), or as soon thereafter as the matter can be held. Members of the public who would like to participate should contact [email protected] to obtain particulars.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:
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between April 2016 and January 9, 2018, engaged in outside activities that were not disclosed to or approved by the Member: |
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by soliciting from, facilitating investments by or by recommending or making referrals to at least 15 individuals to invest in, or loan money to, a real estate development project; and |
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by registering a company and serving as the President and a director of the company; |
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contrary to the Member's policies and procedures, and MFDA Rules 1.3.2, 2.1.1, 1.1.2, 2.10, and 2.5.1. |
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b) |
in October 2018, made false or misleading statements to Staff of the MFDA during the course of its investigation into his conduct, contrary to MFDA Rule 2.1.1. |
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MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca
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 the Surrey, British Columbia area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 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
Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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