MFDA Hearing Panel approves settlement agreement with Ranjit Singh Dhaliwal
TORONTO, March 5, 2019 /CNW/ - A settlement hearing in the matter of Ranjit Singh Dhaliwal ("Respondent") took place yesterday 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 approved the settlement agreement dated January 29, 2019 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
• fine in the amount of $12,500, payable in instalments as follows: |
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i. |
$2,000 in certified funds upon acceptance of the Settlement Agreement; |
ii. |
$1,750 in certified funds on or before April 30, 2019; |
iii. |
$1,750 in certified funds on or before May 31, 2019; |
iv. |
$1,750 in certified funds on or before June 28, 2019; |
v. |
$1,750 in certified funds on or before July 31, 2019; |
vi. |
$1,750 in certified funds on or before August 30, 2019; |
vii. |
$1,750 in certified funds on or before September 30, 2019; |
• costs in the amount of $2,500; and |
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• shall in future comply with MFDA Rule 2.1.1. |
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In the Settlement Agreement, the Respondent admitted that:
a) |
between January 2010 and in or about January 2014, he obtained, possessed, and in some instances, used to process transactions, ten pre-signed account forms in respect of seven clients, contrary to MFDA Rule 2.1.1; and |
b) |
between January 2014 and November 2015, he altered, and used to process transactions, eight account forms in respect of four clients by altering information on the account forms without having the clients initial the alterations, 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 Richmond Hill, Ontario.
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]
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