MFDA Hearing Panel accepts settlement agreement with Fahad Izhar

TORONTO, Sept. 27, 2022 /CNW/ - A settlement hearing in the matter of Fahad Izhar (the "Respondent") was held electronically by videoconference on September 22, 2022 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel accepted the settlement agreement dated May 12, 2022 (the "Settlement Agreement"), between Staff of the MFDA and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:

• a fine in the amount of $16,000;
• costs in the amount of $5,000; and
• shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

1. in February 2020, he signed the signatures of two clients on two account forms, and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1; and
2. in March 2020, in response to an inquiry from the Member regarding the suitability of a client's fund holdings, he altered a client's investment objectives on an account form without having met with or discussed the information with the client, and also signed the client's signature on the account form, contrary to MFDA Rules 2.2.1 and 2.1.1

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Toronto, Ontario 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 76,695 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]