MFDA Hearing Panel approves settlement agreement with Hussein Shivji
TORONTO, May 2, 2019 /CNW/ - A settlement hearing in the matter of Hussein Shivji ("Respondent") was held on April 30, 2019 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated November 8, 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 fine in the amount of $11,000 ("Fine");
- costs in the amount of $2,500 ("Costs");
- shall in the future comply with MFDA Rules 2.10, 1.1.2, 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) |
between 2010 and 2014, he obtained, possessed, and in some instances, used to process transactions, nine pre-signed account forms in respect of five clients, contrary to MFDA Rule 2.1.1; |
b) |
between 2010 and 2014, he falsely represented to the Member on its annual registration questionnaire that he did not control or possess any pre-signed account forms, contrary to MFDA Rule 2.1.1; and |
c) |
between 2010 and 2014, he failed to exercise due diligence to ensure that account forms were accurately and properly completed when 62 account forms in respect of 22 clients were submitted to the Member for processing with a signature stamp bearing the Respondent's signature rather than the Respondent's actual signature, contrary to the Member's policies and procedures and MFDA Rules 2.10, 1.1.2 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 carried on business in the Richmond, 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, Managing Director, Litigation, 416-943-4619, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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