MFDA Hearing Panel issues Reasons for Decision in the matter of Sharad Singh
TORONTO, Dec. 11, 2017 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on November 30, 2017 in the matter of Sharad Singh ("Respondent").
In its Reasons for Decision dated December 8, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $12,000;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated October 31, 2017, the Respondent admitted that:
| a) |
between March 2015 and March 2016, he: |
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| i. |
cut and paste five (5) client signatures from account forms previously signed by the clients onto a new account form; |
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| ii. |
signed the signature of one (1) client on an account form; |
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| iii. |
re-used one (1) signature page from an account form that was previously signed by the client; |
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| and submitted the forms for processing, contrary to MFDA Rule 2.1.1. |
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| b) |
on or about June 25, 2015, he obtained, possessed, and used to process a transaction, one (1) pre-signed account form, contrary to MFDA Rule 2.1.1. |
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Copies of the Reasons for Decision and the Settlement Agreement 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 Milton, Ontario 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]
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