MFDA Hearing Panel makes findings against Prabhdyal Singh Rai
TORONTO, May 29, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Prabhdyal Singh Rai ("Respondent") by Notice of Hearing dated October 9, 2018 ("Notice of Hearing").
The hearing of this matter on its merits was held on May 23-24, 2019 in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel found that the allegations concerning the Respondent set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct against the Respondent:
Allegation #1: In March 2016, the Respondent submitted a line of credit application on his own behalf which contained false information and fabricated supporting documents, thereby failing to observe high standards of ethics and conduct in the transaction of business or engaging in conduct which is unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing in August 2017, the Respondent failed to cooperate with MFDA Staff during the course of an investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
The Hearing Panel advised that it will issue written reasons for its decision as to misconduct in due course. Submissions with respect to penalty will take place on a date to be determined and announced accordingly.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Toronto, 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 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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