MFDA Hearing Panel announces sanctions against Dmitri Graham and issues Decision and Reasons

TORONTO, Feb. 18, 2022 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision (Penalty) and Reasons dated February 16, 2022 ("Decision and Reasons"), in connection with a disciplinary hearing held electronically by videoconference on February 2, 2022 in Toronto, Ontario, in the matter of Dmitri Graham (the "Respondent").

As previously announced, the Hearing Panel made the following findings of misconduct against the Respondent:

Allegation #1: From November 23, 2017 to July 29, 2018, the Respondent opened new accounts, processed Know-Your-Client forms, and processed trade forms without using the necessary due diligence to learn the essential facts relative to the clients, ensuring that transactions processed in their accounts were suitable, or ensuring that the transactions were authorized, contrary to MFDA Rules 2.2.1 and 2.1.1; and

Allegation #2: from November 23, 2017 to July 29, 2018, the Respondent signed or submitted documentation obtained by an unregistered individual to conduct securities related business, open new investment accounts, and obtain Know-Your-Client information for clients of the Member, thereby facilitating stealth advising by an unregistered individual, contrary to MFDA Rules 1.1.1(c) and 2.1.1.

At the hearing, Staff of the MFDA made submissions with respect to penalty and the Hearing Panel reserved its decision. In its Decision and Reasons, the Hearing Panel has announced the following sanctions on the Respondent:

• a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member a period of five years, commencing February 16, 2022;
• shall write or rewrite and pass the Ethics and Professionalism Conduct Course offered by the IFSE Institute prior to being re-registered in the mutual fund industry;
• shall pay a fine of $30,000; and
• shall pay costs of $10,000.

A copy of the Decision (Penalty) and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision (Penalty) and Reasons, the Respondent conducted business in the London, 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 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

Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]