MFDA Hearing Panel issues Reasons for Decision in the matter of Azmina Suleman

TORONTO, Jan. 23, 2019 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated January 21, 2019 in connection with a settlement hearing held in Edmonton, Alberta on October 23, 2018 in the matter of Azmina Suleman ("Respondent").

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

• is prohibited 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;
• shall pay a fine in the amount of $10,000 ("Fine");
• has paid costs in the amount of $2,500 ("Costs");
• payment of the Fine 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 1^st month following the date of the acceptance of the Settlement Agreement;
• $1,666.67 (Fine) on or before the last business day of the 2^nd month following the date of the acceptance of the Settlement Agreement;
• $1,666.67 (Fine) on or before the last business day of the 3^rd month following the date of the acceptance of the Settlement Agreement;
• $1,666.67 (Fine) on or before the last business day of the 4^th month following the date of the acceptance of the Settlement Agreement;
• $1,666.67 (Fine) on or before the last business day of the 5^th month following the date of the acceptance of the Settlement Agreement;
• $1,666.65 (Fine) on or before the last business day of the 6^th month following the date of the acceptance of the Settlement Agreement; and
• shall in the future 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 Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, 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

Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]

Related Links

http://www.mfda.ca