MFDA Hearing Panel issues Reasons for Decision in the matter of Paul Gill

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Mutual Fund Dealers Association of Canada

Mar 23, 2018, 16:37 ET

TORONTO, March 23, 2018 /CNW/ - A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated March 22, 2018 in connection with a disciplinary hearing held in Vancouver, British Columbia on January 11, 2018 in the matter of Paul Singh Gill ("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 one year;
  • shall pay a fine in the amount of $5,000; and
  • shall pay costs in the amount of $2,500.

In the Agreed Statement of Facts dated September 12, 2017, the Respondent admitted that:

a)

on December 19, 2015, he signed the signatures of three clients on two Know-Your-Client
forms and on one account form, contrary to MFDA Rule 2.1.1;

b)

on December 19, 2015, he failed to use due diligence to learn the essential facts of the
client when he completed the information on two Know-Your-Client forms without having
met or discussed the information with the clients, contrary to MFDA Rules 2.2.1 and 2.1.1;
and

c)

on December 19, 2015, he falsely represented to his branch manager that he had contacted
clients and obtained their signatures on account forms, when he knew this to be incorrect,
contrary to MFDA Rule 2.1.1.

Copies of the Reasons for Decision and the Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Surrey, 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 83,000 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, Director, Litigation, 416-943-4619, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]

Related Links

http://www.mfda.ca

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Mutual Fund Dealers Association of Canada

The Mutual Fund Dealers Association of Canada (MFDA) is the national self-regulatory organization (SRO) for the distribution side of the Canadian mutual fund industry. It was established in June 1998 at the initiative of the Canadian Securities Administrators. The MFDA...