MFDA Hearing Panel approves settlement agreement with Azmina Suleman
TORONTO, Oct. 23, 2018 /CNW/ - A settlement hearing in the matter of Azmina Suleman ("Respondent") was held today in Calgary, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated October 2, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of three years;
- a fine in the amount of $10,000 ("Fine");
- costs in the amount of $2,500 ("Costs");
- payment of the Fine and Costs shall be made as follows:
- $2,500 (Costs) upon acceptance of the Settlement Agreement;
- $1,666.67 (Fine) on or before the last business day of the 1st month following the date of the acceptance of the Settlement Agreement;
- $1,666.67 (Fine) on or before the last business day of the 2nd month following the date of the acceptance of the Settlement Agreement;
- $1,666.67 (Fine) on or before the last business day of the 3rd month following the date of the acceptance of the Settlement Agreement;
- $1,666.67 (Fine) on or before the last business day of the 4th month following the date of the acceptance of the Settlement Agreement;
- $1,666.67 (Fine) on or before the last business day of the 5th month following the date of the acceptance of the Settlement Agreement;
- $1,666.65 (Fine) on or before the last business day of the 6th month following the date of the acceptance of the Settlement Agreement; and
- in the future shall comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between November 2015 and November 2016, she signed the signatures of 12 clients on 89 account forms, and submitted the forms to the Member for processing, contrary to MFDA Rule 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 Calgary, Alberta 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 82,000 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
please contact: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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